As long as the sound is at least some kind of decent bass sound I'd say maybe it comes in at third place after playing tightly with the drummer and playing the right notes. When playing live making s/he who pays and the audience happy comes before having the best sound as well. Generally speaking most non-musicians in the audience care or know less than you'd think, a lot of the finer tweaking is just for my own fun really.
I'd say, if anything, a ranking of priorities should be like this:
1st - Timing (locking in with the drummer) -
Self-explanatory. No good timing, no good music.
2nd - Feel, groove, dynamics, space -
You can play some wrong notes, but feeling the song and making it dynamic and alive is probably more important. After all, a musician is an artist, not a drone who has to play everything flat and boring.
2nd bis - Having fun -
And showing it onstage.
3rd - Playing the right notes -
Self-explanatory.
4th - Tone and aural mix -
Even if it might not be that important on your own, the band mix is probably one of the most prominent things that changes the "color" of the song. The "color" of metal is not the same as fusion jazz, for instance. You won't play an Ibanez with nickels, a pick and distortion if you try to play a Jaco tune now, would you?
Again, all IMHO and YMMV.