Not likely, but it DOES happen. I bought a dented up Ibanez GAX-50 from a pawnshop down the road for $42. Went home and pulled the pair of Duncan Invaders which I sold to a client for $100. Now it's one of the husks I use for experimentation in tunings and pickups.
Vintage is cool. Projects are fun. Unless you ABSOLUTELY love this model to death you are going to spend so much more time and money bringing it back to life you might as well buy a brand new one which is going to better in almost every way.
Of course, Norlin stuff has become stupid because people are priced out of 50s-60s stuff. We discussed this re. T-Tops in another thread - suddenly they're the cool thing, back in the day people were tossing them.