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New pickups and possibly electronics to a cheap bass?

Active pickups (all of em, not just EMG) have some level of preamp built into them, boosting the level and shaping the tone at the pickup. What that preamp does is, of course, not adjustable, as @dwizum said you use passive controls to adjust volume and a standard tone control.
 
If the neck is straight, feels good in your hands, the truss rod works, and it doesn't have any pronounced dead spots, it's a good physical plaform - mod away. The only thing I don't like about the active route is you can't modify the sound with circuit tweaks like you can with a passive setup, but if you know of an active circuit/pickup combo that floats your boat, go for it.