I've done it a few times. It depends how powerful the pickups are. With low output pups it works. With hot pups it sounds like a foghorn in a tin bathtub. My 5 string is so configured - using a dpdt switch (which can be a push-pull pot) it's a straightforward mod - and I did have an old jazz bass configured in the same way. My reason for doing it was so that I wouldn't have to take two basses to a gig. Just take the jazz and leave the P at home. However, I quickly discovered that J in series does NOT = P, and if you want a P sound you need a P. I guess I run the mod 5% of the time, or less, with most playing in parallel, because that's what a jazz bass sounds like.