I actually have something for this one, because I had a similar question.
So one day back in January I was in a GC that had a SUB4, a Ray24, a Ray34, and an actual EBMM. I was interested in how they all compared and so I played all four of them. (GC wasn't busy and the guy working was very patient with me.) They all have a similar feel and sound, as they should, but there are real differences as you'd expect given the price. My thoughts:
SUB4: Great bass for $300. Pretty close to the classic StingRay sound, but maybe a little thinner, which I'd attribute to the pickup being cheaper. Fit and finish not as good as the Ray34, but for $300 this is an excellent deal. Just wish it had 3-band EQ, but again, budget bass. And the "Ruby red" finish is actually even better in person, IMO—really nice. (I almost walked out with one of these.)
Ray24: I swear to you were I blindfolded I would be completely unable to differentiate this from the SUB4. To me, it neither felt nor sounded appreciably different from the SUB4 and I have no idea where the additional $200 went. Well, the bridge is a bit better, but that's about it. Plus there aren't very many finish options for this. Feels like a complete miss by their marketing folks.
Ray34: Really big step up from the Ray24. Better, more solid and smoother feel, improved fit and finish, nicer tuners, and fuller tone. This is also where you get the 3-band EQ. It's not quite the full EBMM experience, but it's probably 90–95% of it for about half the price. I think the SUB4 is a great deal, and so is this. You could totally gig with this. Now, I haven't seen one of the new black ash versions in person, but in pictures... wow. I currently have GAS for one of these.
EBMM StingRay: There's a reason this is a classic... but the $1700 price tag ain't a joke, either. Components are maybe a smidge better than the Ray34 but the overall feel isn't much different... it's just not twice as good. I mean, if someone came up to me and said "I'm going to give you either a Ray34 or an EBMM StingRay, your choice—but you can't flip it, you have to keep it" I'm taking the EBMM. Well, almost certainly. Again, that black ash Ray34...
So, yeah, I think you're good going with a Ray34.