Do you ever use the pickup selector? If you're one of the people that always leaves both pickups on and uses the volumes to balance, then you can probably replace the switch with a blank plate while just hardwiring the bass to have both pickups on. This would probably be an inexpensive and reversible mod.
If, on the other hand, you want the switch moved, then you have a few things to consider. First, there has to be space in the control cavity to locate the switch. If you drill a new hole, you will probably want the new style switch - not sure if it's physically any different, but there is no circular plate so it will be less of a hole. If you went to sell the bass down the road, you could leave it as modded, I doubt it would be much of a value hit. Alternately, you could put the original switch back and find something else to put in the new hole. A master volume control would be great if that's an option they would sell you. If not, then some kind of EQ switch or knob might work. Maybe a stereo/mono switch for the output jack depending on where the new hole goes?
Just thinking out loud here...