I had, and loved a T-20 for a while:
It's not for everyone, though. It's a very heavy bass, so that can be an issue. It has a much darker, Gibson-y, kind of tone; even though it looks like it'd just sound like a P-bass. The neck is also very wide. Wider than a P-bass, and just about as shallow. I didn't mind that, but again; not for everyone.
On the plus side: it has amazing playability. Despite that picture, the integrated thumb rest on that Super Ferrite pickup is VERY comfortable to play finger style with. It's also a very balanced bass. Even though that slab of Ash is quite heavy, that beefy neck counterbalances things quite nicely.
Now, MY bass had a horribly warped neck and i couldn't fix it and i couldn't find a replacement neck... so i let it go. I still miss it... but if i wanted a P-sounding US made Peavey, i think at this point i'd probably choose a first-run Fury (had the slanty super Ferrite like the T-20), a T-45 (My favorite "P" ever), or a Patriot.
Good luck! They can be wonderful basses!