When I was first in to BMX, a lad at the local BMX track had a grifter built up with BMX parts. He had gone a little further than that tho. He drilled the frame out, all down the down tube to make it lighter. Then he had chucked the frame into a bonfire for a bit, to "heat treat" it. Finally he gave it an E.T. paint job. The bike was a legend!!!!
Now THAT would be some rebuild!