I'm at work so i can't listen to the clips in this particular discussion, but i'm surprised by a few comments. I have a basically brand new 4003 (built in january, bought new in march) which I love, as well as two T-40's, which I used to similar effect until i was able to buy the Ric. First off... I can't really imagine running the T-40 in humbucker mode and trying to cop a Ric tone that way. A lot of people refer to the single coil mode as the "ric mode", and i think it's for a reason, or at least my experience with both seems to align with that line of thinking. Running either of my T-40 in humbucker mode tends to generate a really high output humbucker sound, almost like a more full-range cousin of a Gibson style mudbucker (i also have a '73 Guild JS-2, which is a mudbucker equipped SG looking beastie). In single coil they're snapping and defined, which is where the Ric comparisons come in. They definitely can't "nail" the Ric sound, but they do a decent job of putting you in the ballpark. To me, the T-40 single coil sound has a slightly more nasal mid-range, whereas the Ric has a more rounded bottom end and a crisper high end.
Something to keep in mind with the T-40's is the variation in tone from bass to bass. My 1980 natural ash T-40 has a much thicker low end and more of a muted high end than my '79 black poplar/alder (impossible to tell which they used, since both were used that year), which is much thinner sounding, with much more high end available. Not sure if it's the difference in body wood, or something else, but the two basses sound quite different.
Between the two I'd take the Ric anyday, but the Peavey is a far better value. Either way, both basses are staying in my stable until someone pries em from my cold, dead hands. Can't really go wrong either way.
