Old advice:
"Why buy a cheaper new car and modify it to perform? Just buy one that performs from the get-go. It will save you lots of time and money".
Better resale, too.
Well, the fact is most gear isn't well-suited to mods. But a few, with a relatively small number of important components, some of which affect the sound greatly, might be candidates. In my mind, this usually means equipment "with a sound", so more towards classic recording designs than home audio. New LA-2A compressor/limiter clones range from $300 to $5000, with basically the same circuitry (and even the top ones are clones). Similar for a Neve 1073-style mic preamps. Huge gain in the pre in particular (~70 dB), and driving them hard is a recording technique. These things have a sound, and some components are targets of cost savings and design choices (transformers especially).
However, to your comment about just getting the stuff you want, I am looking to pick up some low-end clones that reported sound good, but may have room for improvement (for instance, might be clean but not have the same character when saturating). I'd only mod if I felt the sound a little wanting, and feel adventurous enough to see if modding gets me what I want. The three components in mind, for the chain, would total $850. Getting "legit" pro versions could easily go to $10k and more. If I were a recording studio, the known-pro stuff is a no-brainer—it's amortized over a lot of clients, and pro studios attract clients by owning these expensive names. But for me recording me, no.
A different tactic, I have a mic pre on backorder that's based on the 1073 design, with modern improvements, for ~$1k. Far cheaper than a real Neve or most other high-end clones, and not a candidate for modding (I chose this particular one for it's modern take on the design, capable of a clean sound or more saturated). But there are popular ones for more like $300-$500 that people use as-is, or mod the transformers, etc.
Anyway, I'm not advocating buying stuff and upgrading it, just answering the question. Black Lion, Zen Pro, and others do mods that people rave about, so either it's effective or the emperor's new clothes, I won't judge. Some people buy a $7k U67 Reissue (Neumann clone of a Neumann mic—all these things are clones of things that haven't been manufactured in decades), then spend another few $k to send it to someone to give it the "vintage sound". Sounds a bit nuts, but these people love the results. Heck, if I spent that much, I'd love the results. I'd have to.