I have an affinity for all the classic pickup positions, though I like the Far-Neck/Bridge of the T-40 best. When the dust settles I'll basically have two of each of Mid/Bridge (like a jazz or MM/J), Mid (though my fretless also has as piezo) and Far-Neck/Bridge.
As for cheapies I still have one, my first bass, a modded MIM. It covers the "P" thing just fine and is sentimental. However, adjusted for inflation and looking at the current fender range, I'm not sure a MIM fender really qualifies as "cheapie" anymore. My T-40 is a similar case. They used to be cheapies, now they're mid-range-vintage.
As for cheapies I still have one, my first bass, a modded MIM. It covers the "P" thing just fine and is sentimental. However, adjusted for inflation and looking at the current fender range, I'm not sure a MIM fender really qualifies as "cheapie" anymore. My T-40 is a similar case. They used to be cheapies, now they're mid-range-vintage.