A few years ago I undertook an experiment with three people who modify condenser microphones--I sent a U 87 to Stephen Paul, a pair of KM 84 to Klaus Heyne, and a pair of AKG C 414-B ULS to Jim Williams for each one to "do his thing" with. I'd gotten to know each of these people to some extent and wanted to find out whether there were sonic miracles to be had this way.
Mr. Williams' modifications included removing the output transformers, upgrading various other circuit components and removing one of the two layers from the grille around the capsule. The result was a definite improvement in dynamic range--about 4 dB lower noise--and an increase in the high frequency response (about 2 dB at the top end). In addition, the microphone's output impedance was reduced somewhat, which is helpful when driving very long microphone cables.
I lent one of these microphones to a knowledegable friend in Germany for testing--someone who is generally skeptical about modifications. He made direct listening comparisons with his unmodified microphone of the same model, and with some mixture of surprise and reluctance, admitted that the modified microphone sounded better.
The one down side: My friend happened to make a call on his cell phone call from across the room and found that huge amounts of noise appeared in the microphone's output signal. The unmodified microphone didn't have this problem; it may have been due to removing half the protective metal grille around the capsule. So that part of the modification may not be entirely advisable. But otherwise, I think it's a change for the better.
--best regards