From a player's standpoint and/or a builder's standpoint?
I've never used the stuff and I'm interested in trying it out as a finish for an entire bass...just wanted to get some of your impressions.
From a player's standpoint, there's absolutely nothing wrong with it.
For a builder, it's one of many options available. It looks good on some woods and offers fair protection. It's one of the easiest to apply.
There are many brands of tung oil on the market. Some have long drying times, some you can apply 2 coats per day. Many of them have no tung oil in them at all. Most are a combination of oils (tung or otherwise) an alkyd resin and solvent. Real 100% tung oil is also available. It usually has a longer drying time. The best of these I've used is Waterlox Original Sealer Finish. It's a favourite with hardwood floor installers. Wonderful stuff, but more expensive and harder to find. You can build this up to a thicker coat than you can with many of the other oil finishes. It's not at all hard to apply.
Rather than using a stain under tung oil, consider using a dye. A water based dye would be best and wouldn't "bleed" through the top coats of oil the way oil based stains and dyes can.
Practice on scrap wood before you start putting it on your bass. It'll save you a lot of grief later.
Go over your bass body carefully and check that your sanding is perfect. Any small blemishes now will magnify as you apply a finish.
Wipe it down with paint thinner and look it over while the thinner is still wet. That'll show up bad sanding and places where you need to sand out dings you might have missed.
True Oil is nice looking too. You'll need many coats of it for a nice finish. It protects reasonably well. It's basically a very thin oil/varnish mixture.