I got a 1968 Teisco bass as the first bass I owned. I was playing an Ibanez Musician at the time (still am, just a 924 instead of an 888), and got this from a thrift shop in Pennsylvania, via the mail. Pulled it out of the box, plugged it in, was horrified at the scratchy, dim, thin sound, obscenely high action, and alien floating bridge design; the saddles floated in midair, held on by nothing but the adjustment screws, they were 1/2" away from the body of the bass. So I ripped it apart, pulled out the pickups, electronics, and nut, and left it to rot in my room for about six months.
Then, one sleepless night I pulled it out of the corner, mounted a Kramer pickup on it, did some truly horrific routing with a power drill, and put in some electronics from a P-Bass, and cut a nut out of the handle of a toothbrush. It now sounds more than decent; until I strung up my Musician with half-rounds, it was seeing way more playing time than my more expensive basses. For 50 dollars and a little bit of labor, it;s a great deal. The frets still look like they were installed by a...a....thing that can't possible wield a hammer, but it sounds quite nice. The picture with only the bass is what it used to look like, the one with my guitarist friend and I is what it looks like now. Please ignore my unwholesome grin.
-Stephen