I have that same exact bass. I think I got a good copy, or at least that is what every "Squier is crap" type person told me after looking it over. I replaced the pickups with 62 Pbass reissue pups, and changed the roundwounds with TI Flats. Some would say a bit of overkill, but I loved it. In my opinion, the stock pickup stunk, and the change in pickup and strings really brought this bass to life.
I did not bother investing in upgrading the stock J pickup. I rarely use it, I typically run just the p-bass, and mess with the tone, depending if I want old school thump, or need definition. I figure I would let my Jbass cop the J bass sound when I need that. I did not change the pots either, though the taper on the pots is not gradual. You pretty much go from 1, to 5, to 10.
I use this bass for playing classic rock and Motown at jam alongs, and it travels with me when I am on the road for work. My regular gig, if you want to call it that, is playing at Church every Sunday CCM. The P bass really does not cut through the mix as I need it to for that music, so I don't use it there. Overall I am very happy and has cooled my jets enough to keep me from gassing to hard for a better P-bass. If you are more of a qualitative guy, here are some numerical ratings, before and after adjustments.
Before mods
Sound:5, Fit and Finish: 7, Durability: 7
After mods
Sounds: 8, Fit and Finish, 8, Durability: 7
Hope this helps.
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