Wow, responses so many years sooner than I anticipated...
I did go ahead and get the endpin conversion kit. Johnson String Co. had it for $70 + tax & free shipping. Everywhere else they were $80 and up. Yeah, it's pricey, but nowhere near what repairs for a bass falling on a hard floor could cost.
Anyway, it really works great. It has just enough friction and leans back enough that placing the bass in and out is quick, easy, and secure. It has a knob that can be tightened to lock it in there when you're on break or whatever, but plenty secure without it for regular use. The endpin without this is awkward. Either you lean it in a corner somewhere, lay it down on the floor, or swap out the endpin for the stand when not using it. None of those are good options. You can't find a corner when you need one; unlike a full upright lying down it would be way too easy to step on or trip over this; and I swap off on EB, so swapping to and from the stand really wouldn't work for me, though if this is your only instrument that may work for you. In any case you'd probably eventually figure it was worth the $70+ bucks if you already have the heavy duty CR stand. If you have the EXT or WAV stand, then building your own holder might be worth considering since your looking at over $300 for both the conversion kit and then CR stand after already paying $175 or so for the endpin.
As for the strap system, I don't see the point. The horizontal hand positions won't give you anything resembling an upright sound and unless you have arms like an orangutan, that's a very long stretch to the nut. I play a 35" scale and a lot of people think even that's too long for them compared to a 34"