Ahhh yes. The picture reminded me that I own one of those, but let a friend borrow it 20 years ago and never asked for it back.
Mine has a single humbucker, and sounds like "hot garbage" too.
Short scale--maybe even shorter than 30". Probably a plywood body.
Bought it new for maybe $90 in 1987-8.
I seem to recall that towards the end of the '80s Memphis was just a name that had been sold and nothing resembled the quality of the earlier product.
Give that bass to a kid just starting out in music. Nothing will save it, and any attempts will be a waste of money.
Or put a better pickup in it and roll the dice--it'll be good practice at modding basses. But mine didn't even sound good unplugged, which always tells me how well an instrument is capable of sounding with quality electronics.