truthfully, if you're asking... learn as many songs as possible.. from as many different bands as possible.. start with AC DC, the Beatles, Iron Maiden, Weather Report, Rush, Mariah Carey (yes, Mariah Carey), Rascal Flatts, then learn theme songs to TV shows to train your ear.. there is no such thing, to me, as a song not worth learning.. country, rap, rock, metal.. .learn it all.. then you will become a remarkable bassist with an ear of your own (figuratively) and be able to draw from various styles.. The worst thing I hear is a bassist that refuses to learn songs he/she does not like.. that's just me, but I try to learn songs I dislike.. and usually end up liking them and appreciating them later (Def Leppard, for example). Lay the bottom down first.. then become flashier where you believe it suits the band. play in bands.
It is funny, to me, I listen to Billy Sheehan for so much advice, but I don't listen to his music often.. he played in every band possible.. and played all music possible.. Wooten, Manring, etc.. had to start somewhere..
and there is no "formula.." if there were, Wooten, etc Geddy Lee, etc would be a dime a dozen.. and not famous. Geddy always claims he got to where he is today by "breaking rules I did not know existed..." ala 2112, releasing their record on their own label, and so on.. it worked out..