The original Les Paul recipe of maple over mahogany works very well for basses as well. The maple and ebony add a lot of 'cut-thru-the-mix' and the mahogany settles it down just enough to give it a nice sheen.
Gimme this bass and in a couple hours, the fixer-upper part is over. You can clean / polish the brass bits, BreakFree the tiny screws and threaded rods, clean and moisturize the fingerboard and slick up the frets while you're at it, new 9v, then do a setup with the right strings. Maybe slap a few FatBoys in it if you want to.
If there's no big divots in the wood, this is the perfect 'starter' Alembic, and is the next best deal I've seen here in a while, after that natural colored Elan a while back (boy did somebody miss out on that one!).
I love taking an axe like this and going all Edd China / Wheeler-Dealers on it.
Joey