Studying chord progressions has proven much more useful to me learning music theory than just learning modes. Learning how to play (jazz walking) over changes like 1-4-5, 2-5-1, 3-6-2-5-1 changes is really important and more practical than just learning modes. It is the tonal relationship of the notes within the key or song that make music happen. Modes are one way of learning this relationship but ultimately it is how these tonal relationships are put together in a piece of music and how we as bass players can create a flowing groove through these tonal changes is what is most important IMHO
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