Yeah, budget projects are not worthwhile unless you are into tone and feel that is, well, cheap. I build guitars because I can get exactly what I want starting with the right wood (which you are already wanting to get off to a bad start with, no offense), and all of the best components (subjectively speaking). The wood is the basic overpowering flavor of that recipe and if you skimp there, your guitar won't taste good. :P I'd rather spend more on good wood and less on so-so pups, bridge, and tuners than skimp on wood. YMMV.
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-Jimi Hendrix