My cousin converted a 4 to a 5, it was just a cheapo Sunn bass but he did a pretty good job and it works OK. It can't compare to a 35" scale length 5 string, but he learned how to use a 5-string and has been playing it for about 14 years! The neck is like a banana. It's about time he bought a new bass, but he somehow makes do with this bright orange P-bass conversion job.
So yeah, it's not hard to do but it's probably not worth transforming an instrument that has any worth. It'd make an interesting project for an inexpensive one, though.
Just sell it and buy a 5.
