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Turning Squier Jazz into Percision

I've been wanting a Precision bass but recently aquired a Ken Smith jazz bass that is too sweet to let go. So I would like to turn my Squier Vintage Modified Jazz Bass into a Precision.
Is this worth the time and money (neck, pickups, tech work) or would it be better to just get a MIM Perecision?
 
It depends what you mean by turning it into a Precision - what is it you like about a Precision?

I think that to accurately turn a Jazz into a Precision you just need to swap the neck, body and electronics.

Are you being clever with that last sentence? =)

I like the sound (and even feel) of a Precision. I just want one each, jazz and precision and didnt know if its worth the troubleor cash to turn a Squier jazz into a somewhat nice Precision.
 
In short, it's not worth the time & money. Keep the jazz as is and score a Fender MIM Precision used. I've honestly seen more than my share floating around for $300 after shipping. You can't go wrong with a Squier Classic Vibe P-bass either.
 
Sure you could keep your jazz neck (assuming pocket size is the same for Squier jazz and p bass) and buy a squier p bass body off ebay for $100 and some nice pickups for $50 and a custom pickguard and all electronics for $100 and a new headstock logo that says precision for $25 and a do it yourself headstock refin for $50 and a bridge for another $25. When all is said and done you'll have sunk about $350 into it not including your time and you'll have a p bass sounding and looking bass with a jazz width neck. If you want a p bass neck add about $100 to the build.
Or you could just go with one of these short scale killers that will run you less than $300 out the door:
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Or either one of these that will run you less than $400 out the door:
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I've tried the mustang and have one on order, one of the best vintage p bass tones I've heard in a long time (and I have an all original 1968 p bass). That short scale is really cool, very ergonomic and lightning fast. I can run riffs on the mustang with the short scale neck that I just can't pull off on my vintage p bass with the full scale neck.