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Been playing bass 28 years...

OK,
Now to throw some gasoline on the fire.
Are flats / ground wounds really that different sounding than rolling off the treble with the tone pot with round wound nickel plated strings?
[I'm a roundwound guy, so that's where my answer is coming from]

Probably not to the untrained ear. There's a short-sustain thing happening with flats that is hard to fake, but to your point if I only had one bass I'd keep rounds on it, roll off some high end, palm mute a little, and get >80% of the flatwound tone. It's much harder to come the other way.
 
Love flats myself, although I find that the use of flats are very specific. I have a set of warm brights on a maple fretless five and it's really nice and fat sounding. I find it really useful with a pick as well; sometimes getting that tone where I'm just cutting through the midrange with enough attack (without the evil glare from the guitarist). Get close to a Paul McCartney sound with that technique.
 
My first Bass had flats on it 45 years ago :-) I do have a new P bass that I'm thinking about putting flats on but I'm not giving up my SS strings for other basses.