Title pretty much says it all. I picked up this cool 78 yesterday for a song. Needs a little TLC but if has good bones. The lacquer/stain job is odd but I kind of like it. Would you alter it? If so, to what? {} {}
The only thing Id recommend you do is come up with a good story about how the finish got that way. Be creative - the stranger the better.
Pretty cool the way it is and it doesn't look horrible. Refins become part of the basses history. I have a '69 Precision the has a Hippie DIY natural finish, it's been this way for decades, I'm leaving it as is. Many of these basses have alder or I think poplar bodies, poplar in particular isn't a good choice for natural finishes. Almost all bodies are multi piece.
The only thing I'd do to it is upgrade the pickup. Just put a Seymour Duncan Cool Rails Neck pickup in my cousin's mid-70's Musicmaster. It's now a beast! He plays in an old-school country dance band, and the stock pup wasn't cutting through. No problems now.
That is a cool bass, another vote for leaving it as-is from me. Although I might be tempted to clean up the metalwork a bit. I did some work on a school Squier Music Master guitar recently, your bass's little brother... {}
It's already an upgraded pickup. Original Musicmaster Pickups were 6 pole guitar pickups. So this one should already be completely fine.
I’d strip and paint it with some Pelham Blue lacquer and satin or gloss. It’s looks pretty good as is so I’d have to see it in person to really decide. But, I do love refinishing. Ooo...Sherwood Green.
I'd leave it be. You can always change your mind and do something later, but once this is gone, it's gone!