This combination of mods will give you just about everything you can get out of a traditional Strat (i.e., three single-coil) set-up. The individual mods are covered in the links above, but I will draw up a schematic at some point in the future when I have the time.  Here's what I would recommend for the ultimate Stratocaster set-up: 

The set-up
Pickups -  Either EMGs or Lace single coils.  These give the best single-coil sound with absolutely no hum.  Alternatively, you could try any number of single-coil sized humbuckers, but the rest of this piece assumes single coils (i.e., I didn't consider any coil taps, etc.)


Switches (mounted on push-pull pots):

For extra brightness, you could also try going with 500k pots instead of 250k. I haven't done this yet myself, but I'm going to do at least one of my guitars within the next few months (and two of them if find the right parts!), so I'll probably have more to say about it on there when I'm done and actually get around to updating things.

The schematic
Depending on the manufacturer, different 5-way switches have different configurations of contacts.  This diagram doesn't specify which way is "up" or which direction is forward (i.e., position #1 vs. position #5, not that anyone is ever consistent in using these designations anyway).  When you prepare to assemble your own circuit, use a multi-meter to test the continuity between the common of each pole and the other lugs so you can determine which position selects the neck pickup, etc.

In this diagram, the gray wires go to ground... except where the ground symbols from the neck and bridge pickups combine in parallel, then eventually meet up with the middle pickup ground from the phase switch (assuming the phase has not been reversed, that is).  Other colors were chosen arbitrarily.  Different pickups will have different color codes for the wires.  If you wish to add a 4-conductor humbucker, consult the manufacturer's website for which wires feed from which coils.

The cap (orange circle) associated with the TBX is 0.02 µF and the fixed resistor (orange rectangle) is 82k Ohms.

Components  pictured:
  • 3 single coil pickups (Lace Sensors, most likely)
  • 2 push-pull pots (250k Ohms... or 500k?)
  • TBX control
  • 0.001uF hi-pass cap (not pictured) 
  • standard 5-way switch
  • Output jack

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