I took that plunge on a gorgeous 1976 P-Bass back in the early 80's after getting my Ibanez Artist Musician. I was in a Navy band stationed in Yokosuka Japan and bought this incredible Ibanez 924 Artist Musician and decide my P-Bass needed to be fretless.
What an IDIOT I was!!!!! The idea of having a bass unfretted is fine but unless you are a good luthier .... pay the money and have someone do it!
I killed that beautiful Off white with maple neck bass and I hang my head in shame! LOL I started the belt sander (which was probably my first mistake) and forgot to bolt the neck down .... well it flew across the room like and arrow! I placed it in a different position and well ... let's just say when the sander hit it and threw it again it was position to suddenly make my voice several octaves higher ... you dig!
Next was the grinder to refinish the body. I was grinding away looking around with thoughts of how the bass would be and started to smell something burning. I looked down and lo .... there was a glob of burning paint or plastic or something like that from the bass just going round and round.
Oh ... by the time I was finished with the belt sander the nut not started where the third fret used to be!
I turned that thing into nothing but spare parts in about an hour!!! What a way to learn. Oh ... and this was all in a Navy wood shop ... I snuck out as quick as I could!
So other than replacing pickups I have officially barred myself from any bass repairs/alterations .... hope this gave you a good laugh .... it's all true! Yikes!