A couple of points to consider.
1) Some bass manufacturers only match the wood on the basses destined to have a transparent finish, so what you have may look bad when you strip it down.
2) Surface finishes work by soaking into the surface, so just sanding off the surface layer will still leave the wood pores clogged. To get rid of all the paint, you need to use a chemical stripper, and then something else to remove the residues of the stripper. In summary, you could sand and varnish, but not sand and oil.