I assume you would want to retain the full functionality. That makes more extreme changes a bit difficult. I have had two over the years, so I have tried a couple things from low key to fairly extreme.
Some very simple things I did to my first Matrix pulse:
-Repaint. All of it. Shroud, barrel, vent, GL, the works.
-A spat grenade (as you already are planning)
-Move the barrel vent forward. There is a slot in the top of the GL where the Vent's tab sticks into. Just cut out that slot to be 1/4" longer so the vent can slide forward and close that huge innacurate gap between the vent and triangle. Either epoxy it in place or fill in 1/4" on the rear to keep it from sliding around.
-Fill in the rear hole on the vent. I glued a plastic sheet on the inside to cover it up. On the real one that rear circle on the barrel vent was not a 'hole' but rather an indention. After the plate is glued on to the inside and it is painted, it looks like the indentation.
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The second one I got a bit more extreme because I essentially just wanted to use the shrouds and gutted all internals for lightweight parts. My focus was modding the proportions on that one:
-I cut down and rounded the area behind the rear pillar (this will disabled the factory stock adjustment, but I thought looked better)
-I removed the metal "tabs"/trapazoids, filled in the hole with bondo, and epoxied in more accurate shapes in a more accurate position.
-I cut out about a half inch of material in the shroud mag area over the counter board and reattached to make it shorter.
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I pretty much gutted everything including installing a smaller board. I don't know that you would
have to gut everything. You may be able to do that shroud mod and just modify the existing board and plate the board is mounted to, but I didnt try.
I was much happier with the look of the shrouds in that case, but again, I was focused on gutting the inside and cutting weight, not preserving air soft abilities. So I don't know how far you can push it and keep skirmishing abilities.
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More details in the shroud mod are found in this thread
viewtopic.php?f=3&t=15500&hilit=stunt