I haven't had any gigs since I got my Sadowsky, because we don't have a drummer, but I don't think I'd hesitate to bring it with me on some gigs.
That said, there is another perspective. If I played gigs in crap neighborhoods, I'd probably lean towards playing a beater bass live. The fact of the matter is, sometimes, gear gets stolen. Yes insurance can cover the theft, but if I waited a year for a custom bass, and it gets stolen, guess what, I have to wait another year to get one like it. Not so with some $300 piece of trash. I just hop on over to Guitar Center with my insurance monies, and get the same piece of trash. Like I said though, just another perspective.