Hey Dave. I would walk over to my preamp and turn it down there, or as Bob mentioned, use a volume pedal. Next to last would be to put your index finger on the 'backside' of one volume knob and your little finger on the 'backside' of the other and try to smoothly slide your fingers downward. The final thought I would have on this would be to buy a Fender and the note should fade much quicker, naturally.
Out of curiosity, do Fenders still come with that black muting foam installed in front of the bridge? Probably not, but that is how long it has been since I checked out any Fenders. Don't get me wrong, I would just love to have a mint 62 Jazz Bass. I would sell it and buy an S II custom.