Just before Thanksgiving, I finally had a chance to take the Memphis over to my setup guy for some final massaging. The action was still a touch high; turns out that the nut needed a little bit of filing. I did a first pass myself but went too low. My tech had a concoction of super glue and bone shavings to repair the slots and get the nut height where I wanted it (a little lower than standard spec, but I don't play very hard so no worries). He was also able to get the neck a little flatter and it plays like butter now.
I picked up a wiring kit that included two Bourne pots, and orange drop cap and a Switchcraft jack. Here it is mid-surgery; the tone pot and cap were indeed toast.
Memphis bass surgery by
thaddeusthompson, on Flickr
And with the new guts.
Memphis bass surgery by
thaddeusthompson, on Flickr
I was afraid that the upper frets might need serious work to get back in line. But the low-tech solution ended up working fine: He hit the high frets a couple of times with a mallet and all is well!
The final pickguard choice was black pearl. Thanks for the suggestion,
Engle! Here's the Memphis in its final form. I opted not to reinstall the pickup cover because it's a bit too wide and covers my sweet spot for plucking.
Memphis Precision Bass updated by
thaddeusthompson, on Flickr
Memphis Precision Bass updated by
thaddeusthompson, on Flickr
Memphis Precision Bass updated by
thaddeusthompson, on Flickr
Memphis Precision Bass updated by
thaddeusthompson, on Flickr
Final verdict: This thing's great! If you can find a Japanese-made Memphis, pull the trigger.