I was revisiting this thread and was surprised at the assumption that "with lower gauge strings, you can have your action lower". This is not true. Actually, a heavier gauge or tighter string can have lower action. Lighter strings have much more excursion when plucked. You can set a heavier gauge string lower, using the same energy to pluck it and you won't get the string rattle you would with a lighter gauge. That's not something I figured out, BTW. That's straight from Gary Willis.
I think you have to find what YOUR ears and YOUR hands tell you is right. I played on 'light' strings for a few years (40-120) because I aspired to sound like many of my heroes that play that gauge. Solos, chords, thumping, everything sounded great. That gauge, though, really seems to lack something when it comes to playing bass, IME. What was great, though, was that that gauge really gives the instrument a bump in definition, clarity, and high-end. For me, though, the slap sound just is not there with that gauge like it is with a 45-125.
I recently had an incredible custom bass finished for me by an incredible luthier (
www.willyfranklin.com--it's the first bass you see). It's a six-string, and it was strung with XL's when he brought it to me: 32-130. I loved the gauge! Soon after playing it, I realized that I was really trying to get my 5 (and that G) to sound like a 6 (and that C) with those lighter strings. I also realized that my new 6 just sounded and felt too good to try anything lighter than the 'standard' size gauge. My bass, my hands, my ears seem to dig those strings.
BTW, some of the greatest 'virtuoso' bassists not mentioned use medium or heavier gauge strings including Anthony Jackson, Stu Hamm, Billy Sheehan, John Patitucci, Mike Pope, Nathan East, Oteil Burbridge, Jaco...AND Marcus & Gary Willis.
Trust your ears and your hands--light, heavy...whatever it takes!