one thing i will say, if you don't know how to do a proper set-up...spend the money at the most reputable shop/luthier around. getting the neck properly adjusted, nut slots looked over, frets leveled and dressed, all goes a long way towards making a good guitar great.
then there's pickup height, polepiece adjustment (if applicable), bridge/tailpiece height (also if applicable), proper stringing to provide enough downwards string angle behind the nut....
i spent a lot of time dialing in friends' guitars after they played one of mine set up. it's not too hard to figure out, especially if you can work on a vintage bike. look for dan erlewine's repair book
http://www.amazon.com/Guitar-Player-Repair-Guide-3rd/dp/0879309210 is an easy how-to for all of the stuff you'd want to know.
then there's the simple signal path stuff to maximize your gear...good electronics, cable, proper bias of tube amps, good speakers/speaker cables...as in guitars, it doesn't have to be custom shop audiophile components to get great tones.
you can go the simple, not-too-pricey route and get amazing results from standard guitar center gear. kind of like good-quality cables, bearings, tires, suspension, electrics, etc., to get the best performance from our motorcycles. it all works together.