Re: Cheap Ibanez for Project Guitar
I blocked the trem of my S270 (it's not an RG series but I imagine its quality is comparable to an RG270). I didn't see the point in doing the full trem-to-fixed conversion because it stays in tune beautifully and intonation is spot on. The strings feel very different, much more responsive, and the tone is 'bigger'. That's with a crappy ILT single-locking tremolo, mind you.
I was delighted with the overall result and the neck played beautifully BUT (and this can be a very big but), I suddenly started having buzz problems. The guitar needs a fret level after about 3 years of not-so-heavy playing (amateur). Even though the fretwor is surprisingly good, I think the frets themselves are pretty crappy.
Perhaps you might get better necks and hardware in the 3-4 series (better fretwork). The 5 series will withstand any abuse, but they might be out of your budget.
You can always try a cheapo body (2 series) and a better neck (4-5 series) to get the best of both worlds.