| Nope, raising the action won't help. The damage is caused by the slapping. You're slamming the string into the wood so it's gonna eat up some of the wood. Your choices to alleviate the damage are:
A. Don't slap. Downside is that this means you're letting the instrument make the choice, not the music.
B. Use softer strings- they'll still tear up the wood, but it won't be as bad. Downside is that you may not get the sound you want, and you'll still see the wear.
C. Don't slap so hard- you just need to get your thumb to bounce of the string, you don't need to force the string into the wood.
D. Slap so your thumb is hitting the string at the last fret. That way the string is bouncing off the fret, not the wood.
E. Don't worry about it. The bass is a tool for musical expression. I think too many bass owners are too concerned about keeping their basses pristine for them to ever be bass PLAYERS. I say use the equipment and techniques that make the music you hear in your head. If that means stainless rounds on a fretless board, gouges in the tail of the fingerboard, blown speakers, short-lived tubes, whatever then that's the cost of admission.
John
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JTE
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"Without space, music is just noise piling up on itself." TRK
Lakland Owners' Club # 248
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Slapping damage to fretboard! :( 
