But the idea of getting a long sought after bass that could be a real steal is so intoxicating.....
So I guess it really comes down to how likely you think that, given the circumstances of this bass acquisition, it will actually still be readily functioning with little to no work.
You sound like you want someone to say "YES! Go for it!!!!" So:
YES! Go for it!!!!
I offer the same assurances on my advice that the auction house is making on the bass, so take that into account.