Actually it's really not a nice job. It's a total butcher job, I just hogged it all out with a forstner bit on my drill press and then a sanding drum to smooth out the edges. Surprisingly it's not all that visible when you see it in person. without the camera flash you don't notice that bare wood.
I can't remember why I installed it that way. I think I did have a reason for it. perhaps I was thinking the same thing with the thumb, or maybe the wiring just ended up nicer. in any event I've found it's plenty bright, and it actually sounds a lot better to me when I play way further from the bridge. I've been anchoring my thumb on the E string right around where the original pickup was.
The main thing is that it gets the job done. I've fallen in love with the short scale and have been playing it more than my otherwise much nicer basses. I've set it up with a nice low action, and the new pickup has plenty of output that I can play very lightly and still get a great sound out of it. The frets aren't quite perfect, and I could probably set it up a bit nicer if I leveled them, but all in all it's got a pretty decent neck for such a cheap bass.
I wouldn't recommend it without a pickup replacement, but I've always been more into humbuckers, so I'm a little biased there. Perhaps there was something wrong with mine, because it didn't really seem all that usable to me. I had to stand facing in a specific direction, or it had way too much hum.
It's pretty much what I would expect in a cheap bass. Fortunately the corners they cut are ones that didn't matter to me.
-Nick