Do whatever really turns you on with bass. It will be different for most guys. I look at Jaco with frustration -- I can't do what he did. I had trouble playing The Chicken the way he does as I am simply not able to maintain the speed you need to play it like Jaco.
I like what David Gilmour said -- as you probably know, he composed some of the most gripping and soulful guitar solos ever created (such as in Comfortably Numb). He acknowledges that he's not fast, but created a very recognizeable sound with this guitar, and his solos really hit people in the heart. He expanded on his strengths and isn't trying to work in his weaknesses -- do the same. What are your strengths as a bass player (both technically, and as a fellow musician) -- develop those things -- you'll probably enjoy it more than trying to emulate players like Jaco...