Has anyone here ever attempted that? I ask since my Graphite's screen has severe burn-in after a decade of intense use from the admin down at the ICT.

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iMacs are not really worth the trouble unless you *really* love it. And if you really love it make sure it's internal plastic is in good shape(or you can source a good part) before spending the time.
Also be careful with the headphone jacks on the front, apple mounted them stupid and you can damage the traces leading too (right beside) the solder joints with extreme use.(or retards abusing them)