I'm not sure if this is the book you're referring to or not (
http://www.melbay.com/product.asp?ProductID=95297), but if it is, then you do need to have a general understanding of the fretboard to make use of it. What you need to know, however, is pretty simple and basic stuff - you don't have to have every note in every position memorized, but you should be able to find the notes. The beginner and intermediate stuff in the book deals with notes within the first 5 frets of the bass, so it should be no problem figuring that much out.
I think it's a really good book - it presents a really basic approach to rhythm and the notes, and a beginner can get a lot out of it. Be patient, and don't try to rush it. Also, don't think that you have to be able to
sight read (i.e., read along as you play). The point is to figure out the lessons and the etudes, and when you can play each pretty well without mistakes, move on to the next lesson. And don't bother using a metronome - tap your foot to maintain time.
-Yools