Well you won't strip it loosening, and if you tighten far enough to where you begin to hear that popping sound, S T O P !
Remember, truss rod adjustments are done in small fractions of a complete turn. Think watch making, not auto mechanics.
Incidentally, when I get a new (to me) previously owned bass, I usually back the nut off and put a drop of your preferred lube on the threads (I like BreakFree CLP) so it will always be nice and smooth.
When I get a used bass, I take off the old strings, clean the fretboard/frets/bridge/nut, and restring with my usual set. Always check it AFTER you put your preferred strings on there as this is the tension this bass is going to live with. Always do your adjustments tuned to pitch, and NEVER lying on its back: Check this with the bass on it's side (usually in my lap) in playing position.
I then check the string clearance over the first and last fret, and fix if necessary. I then check the relief. If it's fine, I'm done. If not, I'll back the nut(s) off to loose, then retighten to where they just begin to get snug. I'll leave it overnight to take a set with my strings, then finish it off tomorrow. If it was a big adjustment, you'll probably chase it for a few days till it all settles down.
With the variables of the different wood from bass to bass, different tension with different strings, etc., the only 'neutral' spot I've found is to start from loose and work my way in.
That way you KNOW it wan't too tight to begin with.
J o e y