I picked up a Peavey Raptor of some description, not I think quite the same as yours, a couple of years ago super cheap intending it as a components donor for a project. When I came to take it apart it transpired that the neck was very usable, and I reused it on my project, which was a from scratch semi acoustic body.

About the plywood body, on the other hand... I'm not sure the *cardboard* shim under *one* neck screw was even the worst thing about it! But if my experience is any guide it might be worth considering a new body for yours at some stage, and get an even nicer guitar.