Finished the setup last night. It's officially a fretless bass. Set the action at the first fret to .022"...which is as low as I think I want to go. Very playable without buzz. It feels a lot better in my hand as a fretless than it did as a fretted...maybe because I don't really know how a fretless should feel.
I can get a nice mwah out of it. It also has a nice woody bluesy tone. Listened to some Willie Dixon as I was finishing the setup. Not *that* good an upright sound, but closer than any of my other bass guitars ;-) I think the lipstick tube pickups may help with that. That's supposed to be Joey Spampinato's secret to getting close to an upright blues sound....
I guess I am going to have to refinish this thing, so that it's not as ugly as my fretless playing... ;-)