Works fine. The trick is to use pickups that are designed for a wide, flat frequency response, and not overwound pickups, often advertised as "hot" or "high output". To get more output they wind more wire, which reduces response in the lows and highs, and "bunches up" all of the output in the guitar's midrange. That, my brethren, is what you don't want on your bass.
For instance, one of Bill Lawrence's primary design goals was always a wide, full response, and I can tell you from personal experience that a pair of his L90 humbuckers sounds KILLER on my Flying V. I've been seriously considering trying some of his twin-blade Strat-size pickups in a G3-type build. Bill is no longer with us, but Becky is carrying on his mission over at wildepickups.com.