What about lending it to your buddy for a couple of years. Make him happy, sort of, and have the bass played on a regular basis, with is a good thing for any instrument IMHO.
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I've been there a lot.I am surprised that I have the emotional attachment to this piece of wood & metal that I do...Anyway... is that silly? Even having this emotional attachment and being so torn about doing this... my logical mind says this is a no brainer... but my heart is saying How could you!!!! Is that just sillyness on my part.. or has anyone else been in this same situation...
Sell it and get your dream rig. If all it does is sit in the case, then get it in the hands of someone who will use it. They do absolutely no good sitting in the corner. I'm about to off several "first" items so I can finish my music space. They have all served me well and I'll feel it when they go but whats in front of you is what counts. The past is the past. A guy named Paul said we should "look ahead and press on". If selling it gets you closer to your calling, then do it.
EDIT!!! A 77 Jazz on EvilBay just went for $2500. Is the 5 string worth close to the difference?
http://cgi.ebay.com/1977-78-Fender-...0?pt=Guitar&hash=item3cb111c16c#ht_720wt_1139