Well, the bass has been evaluated and found to be basically sound and of good quality by a local luthier and builder who was recommended by several sources. He was actually quite impressed with the quality, including the quatersawn maple neck, nice veneers, lack of any signs of structural damage anywhere on the instrument (one of the reasons I originally snapped it up) and the sound (my other reason).
What he was not impressed with was some bad repair work - the fingerboard (which was in poor shape), nut and end pin had all been replaced and glued with white glue (ARRRGH!). I lucked out as it looked like the combination of a poor fitting and gluing job along with the many years the bass spent in storage had caused the glue to shrink and loosen without causing damage to the original adjoining parts so that those newer (junk) parts were easy to remove. I was also lucky in that it appears that no "repairs" of a similar nature were made anywhere else on this bass.
I am starting to get excited about this bass, as I think with the repairs and setup work I will end up with a fine instrument, something quite a bit better than I would have found new for the same budget. This may be a rare instance of luck exceeding ignorance, because while I did know enough to check for major structural damage and good sound when I purchased this bass, I still did not realize the truly poor quality of the work that had been done on this bass.
Guess this is an advertisment for learning how to do the work properly and/or realizing when the job requires expert attention. Also a pitch for having an expert evaluate an instrument before you buy. If I had not purchased the bass for such good price originally, I might not be quite so happy right now.
Of course I have to say buying this bass was the result of a six month or longer search in the pre internet days, so I got to run around town and see and touch a lot of junk in person - a different sort of education than what a person gets by sitting pointing and clicking

- call it sweat equity if you want but it also helped to compensate for the lack of a resource like this forum at that time.
Peace,
S