I think that we are all in agreement that playing fretless is definitely worth the time and effort required to play it well. My experience with having basses defretted is that you simply don't know what the end product will sound like. You might be lucky like Marshy and end up with a bass that you love or you can end up with something that you would rather not play. I have had very very good basses defretted and they did'nt have that fretless tone that I was craving. I have had very inexpensive basses defretted and I have loved them. Best of luck with whatever you decide to do.
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