You shouldn't have to settle for either (especially in this day of quite good quality affordable instruments). A pro set-up even on a lesser bass is better than a boutique bass with a bad set-up.
There ARE some tradeoffs however especially with recording. A bass will typically sound better with higher action and heavier strings. You'll find it sits in the mix more authoritatively, and needs less EQ and other stuff to get it be clear. It's not about eliminating fret/string buzz ('cause that's not even an issue--there should be no buzzing whatsoever anywhere on the entire neck if you're taking that bass to a session)---it's about how the instrument "speaks". So, sometimes sacrificing a little playability for sound really pays off.
There ARE some tradeoffs however especially with recording. A bass will typically sound better with higher action and heavier strings. You'll find it sits in the mix more authoritatively, and needs less EQ and other stuff to get it be clear. It's not about eliminating fret/string buzz ('cause that's not even an issue--there should be no buzzing whatsoever anywhere on the entire neck if you're taking that bass to a session)---it's about how the instrument "speaks". So, sometimes sacrificing a little playability for sound really pays off.