Having done a lot of mic mods lately, I'd say it's about a 50/50 relationship - capsule versus electronics, with the quality of the capsule being the primary limitation of how good the mic can sound.
It's a lot like the mic/pre relationship. You can run a great mic through a bad pre and get a bad sound, or you can run a bad mic through a great pre and get a good sound. But a great mic through a great pre will generally sound great. I think the same is true of the mic/electronics relationship - a great capsule with great electronics will sound great.
The sound of a U47 (or any other mic) comes from a lot of different factors - the capsule, the circuit design, the components, the grill, etc. A copy of a U47 capsule in a V77 body with apex 460 electronics is NOT going to sound like a U47. But that doesn't mean that it won't be a great mic, or even share a few sonic similarities with the 47.
I used my tube-modded MXL 2001 just last night - it has a Chinese copy of a U67 capsule, with modified U47 electronics. It doesn't sound a thing like a U47 or a U67, but it's a fantastic mic. And on this particular vocalist's voice the sound was just blissful.
So don't be afraid to experiment - just don't expect to get a $400 U47 out of it.
-Lance