Put on New strings, set it up. Make it the best it can be without pouring money into it. Got a bass with flats in the arsenal? No?….do that. Labella low tension flats. Nice easy strings to play on. Great Motown sound.
Don’t convert it to fretless….too much work, and you can get a Thomann fretless to your house in 3 days for under $200 bucks if you wanna mess with fretless.
Don’t put in a new preamp. Buy a Sadowsky pedal pre instead and use it on ALL your passive basses. No soldering required! If its already got a pre onboard…leave it. Don like the onboard pre? Bypass it.
That looks like a sweet bass to be honest. I’d give a go for a year or so. Who knows, she may have found you your next favorite bass.
All of this.