Do what you want its your bass. I guess the morality comes in if you were to try to sell it as something it's not, to gain a profit through the deception of others. Other than that I think there is nothing wrong with it.
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+1labeling to mislead a potential buyer - not cool, at all
Labeling to amuse oneself and/or mislead audience members? Sure. Who cares?
My view is that this amounts to what any other industry would call "fan art". The Fender logo is as iconic as the Star Wars logo and does not need to be sanctioned by Disney or FMIC any time it appears in this context. Let markholders defend their property. Just like we all don't need to be walking billboards, neither do we all need to be corporate lawyers on the behalf of FMIC.
I would think having the Warmoth decal on the back of the headstock (not to mention it being burned into the base of the neck and the neck pocket) would make it clear in all but the most cursory of examinations.
In fairness to your suggestion though, I did consider the Fender font to spell Funder (since playing bass is fun and I sink my spare funds into bass gear). Fander was also a consideration because I'm a fan of the JBS.