Turbo, as far as you question about Fender and Leo goes, the official date is some time in 1965, and the guitars took a cost cutting drop in quality almost immediately, it got so bad that at one time the Strat was offered with only 1 tone control. They were bought from CBS in 1985 by employees. At that time their reputation was so bad that they were really only had a few years of viability left if a change did not appear. It was not until the mid 90s that the reputation for a quality instrument was once again established. During the 20 years that CBS owned them they cut cost so much they even introduced a 3 screw neck, imagine considering the cost of 1 screw and the process of putting it in seriously and you will see what CBS considered Fender as. Not a Pretty thought is it. Most 65 through 85 fenders are not worth anywhere near what a pre CBS one is.
I have owned a few pre CBS Fenders and have always been amazed what I got for them. I am not a collector by any means. I just offed my Tele the other day and it needed professional help real bad as the neck joint would not even stay tight, had been plugged already, and had a crack in the body in the joint. They guy who bought it is suppose to bring it to fender for a full restore. I do not know if a repaint would destroy a guitars worth as they do it to antique cars all the time and collectors go gaga over them, I think it would be a color and material thing though.
I think that a bunny needs a pancake on it's head for strip down job though, you can do that can't you?