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What to do with a beater Electra Bass Precision

You just might want to hold that bass as is for a moment.

Not a lot of people are aware of it but the Electra brand was just bought by some highly respected American bass and guitar makers. They're resurrecting Electra guitars and basses. As a matter of fact, I do believe they're showing at Summer NAMM. These are going to be good quality intruments.
You don't know how that might effect the bass you have, which by the way looks like it might be a pretty cool P copy.
Dimarzio pickups, aged wood, etc. I'd PLAY that bad boy.