Re-fretting a vintage Jazz Bass

First, what is the problem with the frets?

Second, refretting a vintage bass will devalue the instrument. Depending on it's level of originality that may or may not be a good thing.

Third, I'd only change the frets if the bass was unplayable because of them.

While some don't bother about things like this, I prefer to keep vintage basses as original as possible.

 

Are they too low? Are they low enough to affect your playing?

If you want to play this bass and you can't because of this problem, then I guess you should refret. But you will devalue the bass to many potential buyers.

 

If the fret wear is beyond repair (fret dress or recrown) then it will need a refret. New frets installed correctly will intonate each note the same as the original. The bass would need a setup afterwards which should include setting intonation for each string. Soundwise new frets would eliminate any buzz, rattle or clank you may have with the old frets.