If the finish is penetrated through to the wood, I don't think you want to wet sand with water. The water will soak into the wood and get under more of the finish (causing it to lift and making a bigger mess). I don't know if mineral spirits are compatible with the poly finish on your bass, but they work great for wet sanding, and dry faster than water, so they don't soak as far into things.
I've been doing a lot of guitar finishing work lately, but I'm no expert. What it has taught me, though, is how many pitfalls there are. If I were you, I'd get some professional advice. Your bass is worth it. Bill Lester at Reranch.com would probably know what to tell you (or at least tell you what he doesn't know about your finish). You can Email him through the website. Believe me, I'm all for the intrepid, do it yourself, trial and accident approach - but NOT WITH YOUR ALEMBIC!!
Bill