Copy?: Definately not. Probably one of the most "un-copy" basses you will find. One of the neat things about the t-40 is that so much about was, and still is, unique or at least unusual for a production instrument: pickups, electronics controls, bridge,cast/embosed neckplate and knobs, metal nut, "bi-laminate" neck construction ( later copied by G&L ). and neck tilt In an instrument world where so much has been done already and repeatedly, the T-40 still stood, and stands as a very unique instrument.
Tones: T-40 has very much it's own good unique sounds that stands on their own merits. However, since we as bassists like to think in terms like p, j, mm, and ric, it is nice to know that it can get the general charachter of those tones. It's the best fake ric out there, but it isn't a Ric. For a real ric tone, you have to find an early lawsuit ric-copy or a real ric. (Which is actually one of the best deals out there for classic handmade american basses with extremely high quality control and resale value.)
Colors, Also, it came in a second kind of sunburst, that was very light, and IIRC, the edge was brown rather than black. I've also seen red ones and orangey ones, but the orangey ones could have been bad pictures of red. Some models also had rosewood necks, and there are some frettless models out there.
Everything else you want to know about the t-40 is here: (post #12)
http://www.talkbass.com/forum/showthread.php?t=316280