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Help Needed Replacing a Pickup...

Nice score! There are plenty of old lo-fi pickups that would fit that and probably both look and sound the part. Guitar Parts Factory carry a few import pickups that are inexpensive and could be made to work. If it were mine, I'd probably try one of these and if the ring didn't fit, you could cut a new ring out of pickguard material (or have someone local to you do it for you). Here are some nifty options:
Vox with polepieces: PU-6423-025 Vox Style White Cover Bass Single Coil Pickup (My favorite)

I've used that pu - I agree, it's a good one!

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No idea if this fits in your application, but it is period correct, looks very cool, sits on top of the bass so easy to mount and sounds awesome.

H22 Goldfoil

Very cool, but costs more than I paid for the bass. Yipes! I thought this would be a fun and easy fixer-upper, which it is turning out to be, but I can't believe what those replacement pickups cost. I am in the process of reinstalling the electronics. Eager to hear what it sounds like with the former Gretsch pickup I'm installing.
 
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Very cool, but costs more than I paid for the bass. Yipes! I thought this would be a fun and easy fixer-upper, which it is turning out to be, but I can't believe what those replacement pickups cost. I am in the process of reinstalling the electronics. Eager to hear what it sounds like with the former Gretsch pickup I'm installing.

Yes, not so long ago it would have been more 'reasonable' (re:affordable) to resurrect these old basses. Welcome to the new normal.
 
This type of repair is way out of my wheelhouse. I usually specialize in upgrading and defretting SBMM Ray4s and Ray5s. I bought this because I like playing hollow bodied basses and figured this had to be an easy fix, which it was, electronically speaking. I had no idea it was going to be such a major deal replacing the pickup. Live and learn. Do you have any idea what this thing would be worth once I get it up and running? When done, it will have a used Gretsch single coil pickup (no poles), and all new volume, tone, and jack. If it sounds good I will probably keep it. If not, I will put it up for sale. My cost at the moment is $200 including the new replacement parts.