Taking it to an extreme: Jauqo tunes his bass to C#-F#-B-E (over an octave below standard tuning) on a 34" scale. Some people tune an octave up on a 34" scale (Stu Hamm I believe). It's all in the string mass.
Regarding losing range, keep in mind you're also loosing positions, harmonics, and timbres. There's a bigger difference between a 4 and 5 string than just the extra range.
The octave up is called piccolo bass, I have one set up that way, its pretty cool, ever hear Jeff Schmidt, he's an utter master of piccolo....