I'm still unsure how to feel about this..
A little backstory-about 11/12yrs ago,one of my friends tells me "we're gonna start a band,you need to get a bass". Whatever,never played anything besides the radio,but I'm game.(how hard can it be,right?

) So,I bought a Rogue 4str. starter pack,and away we went.
A month later we book our first gig.Found out real quick,the Rogue couldn't cut thru the mix(heavy metal+I was plugged thru the pa) My drummer had a cousin that played bass,and he lent me his gear for the next show.So it went for about a year..Practice w/my Rogue,play live w/buddies gear.(I did end up getting a MIM P-Bass to emulate my borrowed gear)
Fast forward- I had purchased a cheap Ibanez to use as a back-up/leave at practice guitar a few years back,and decided to give it a re-fin.The buddie who lent me his gear yrs ago hears it,sees it,and buys one just like it.
His Ibanez gets some minor upgrades,and becomes his main player.
Here's the kicker...His old bass happens to be a 40th Aniv. Fen. P. He loves the finish on his Ibby,but loves the re-fin I gave mine. Last night he shows up at our gig and tells me "Hey bring your Ibanez w/you to practice Wed. and I'll trade you for "that ol' P sittin in my closet".
!!! That "ol P" is worth FAR more than a 9yr old GSR190,for God's sake,he's got it in a '63 Fen. hardcase thats a 9 /10 !!!
And did I mention,my Ibanez has a 7" split in the neck?Which is why I haven't played it in a while,and,according to him, "why not trade,you don't use that one,and I don't use this one anymore..."
I pointed out several times that ,brand new,the cost of my Ibby is the same as the cost of a good gigbag + the neck is SPLIT! He doesn't care because the Ibby has the sound and the look he wants.
I think I'll make the trade,of course,but man,I feel like I'm screwing this guy over w/his permission! What do you guys think I should do? Truth be told,I'm not sure my conscience will let me..