It has taken me 30 years of playing to realize hat "cutting through" is what Geddy Lee does - which I love. But, for most of us bar band bassists, the role is to be IN the mix not cutting through it. We are responsible for the low frequencies, the bump on the groove, the tones you feel, not necessarily hear.
My old guitarist put it best:
"When the guitarist makes a mistake, the crowd hears it. When you make a mistake (the bass), everyone FEELS it."
I don't see why it needs to be one or the other. I want to both cut through the mix and punch the audience in the solar plexus. It can be achieved, Entwistle, Chris Squire, Geddy, Dale Peters, Glenn Hughes, all had a sound that cut through a mix and kicked you in the chest. And they all used, with the exception of Squire, a precision (I'm talking Geddy on the first album and Fifth Order of Angels). Here's a great P-bass cutting through the mix:
The Move - Feel Too Good
Now granted, that's studio, but still, it really cuts, and on a good stereo system, you can feel that punch. However, this is not to say you must have your treble cranked and the tone wide open. Certainly Greg Ridley comes through loud and clear on Rockin' The Fillmore. But I'd still say his mids are very present. Anyways, what I'm getting at is I don't see why this debate comes up often and is presented as either "cut through" or "be felt". They're not mutually exclusive.
As for how to get a P-bass to cut through, my solution is as follows:
P-bass w/ Swing 66 nickels-->wide open tone knob-->Sunn 2000s/1200s with the treble and contour dimed, bass at 2, volume set to taste-->JBL loaded cabinet.