Welcome to TalkBass D_Bag. . . If You can follow simple instructions, have a basic understanding about the workings of a DB and don't expect miracles at the first 10 or so tries: EASY. OTOH, if one or several of the points above give you grief: from very hard to downright impossible.
Sam, thank you for your clear and measured post.
As a former professional guitar-repairer I say:
On the plus side, this thing has a top made of solid spruce. You could leave it alone and it will sound better than some plywood tops. On the minus side, you need to remove it and carve it, and work on the bass bar for best sonic result, and then re-attach it. Even so if it's cheap green wood it will split no matter what you do. None of that relates to working on bass guitars.
On the plus side, you can make this thing look like whatever you want. Traditional varnish, spray paint, boat epoxy, whatever makes you smile. On the minus side, making traditional inlaid wooden purfling look right is hard and many non-traditional finishes tend to make your bass not sound its best. That's different from working on bass guitars.
On the plus side, you can learn the woodworking skills necessary to precisely set a neck using a half-blind tapered dovetail joint. On the minus side, an error of even a couple of degrees will have a substantial negative effect on your bass' ability to sound its best. That's a lot harder than working on bass guitars, where you can just unscrew the neck and shim with a yellow sticky.
On the plus side, you can learn the luthiery skills required to plane a fingerboard. On the minus side, an error of even a couple of hundredths of an inch will leave your bass clanking like keys in the wash. That's a lot harder than working on bass guitars, where you can just adjust the neck curve with a screwdriver.
On the plus side, you can learn the luthiery skills involved in cutting and adjusting a nut, soundpost and bridge. You will be better off for that. I think that double-bass owners ought to be familiar with that stuff. On the minus side, almost everybody who tries blows through a couple of nuts, bridges and soundposts along the road. This is not like adjusting the string-height on a bass guitar using a screwdriver or hex-wrench.
Have at it, man. Or just donate the money to charity and reap a guaranteed positive result.
Don't do it unless you have years of upright experience under you belt and even then, that experience will tell you to don't do it unless you just want something you can use as a planter box when done 
), do yourself a favour and buy a CCB for a few hunnert.
