Hi and welcome.

You've certainly ended up with a very nice looking bass, even though it's not quite what you intended when you started out. Well done.

Dingotone is very hit or miss as to whether it works and dries. As a result its not something that the regular forum members would normally recommend. It seems very climate and condition sensitive as to how quickly it dries. Sometimes it's two days and sometimes never.

I've never heard of the Dingotone basically coming off the guitar before though. What grit did you go up to when sanding the body before applying the DT? P240 seems from people's experience to be the finest grit to use before you can start getting issues with the wood being too polished to easily accept the wax/stain, though it may also depend on the wood itself.

Basswood is a closed pore wood, so sanding with a fine grit will leave a very flat surface with almost no small pits for the stain to penetrate and latch onto. An open pore wood like ash will still have a lot of small holes so, can probably take a finer grit before stain take-up is an issue. But every piece of wood is different, so there are no guarantees and it's best to play safe and not go too fine with the sanding before staining (with any stain or dye). You want the flat body surfaces to be flat without any undulations, so that needs dealing with first. Then you want to remove any factory sanding marks. After that you'll smooth the body, but I normally stop at P180, as for general woodwork, that would be considered a fine sandpaper. You want to save the really fine sanding for the final finish before polishing.

There are certain finish styles, especially if not staining, where finer sanding does pay benefits, but generally before staining, less is more.