deejayen: Just did a little 2 minute Bass Experiment with my Fender Strat Emulating a Bass.
I did this with Vari-audio in Cubase 7. I did this by letting the program Analize
the Part (high lighted it) and lowered it all down an octave like you talked about.
I also used my Fender P-Bass for comparison. I mixed them up front
on purpose and both are EQ’ed nearly the same.
Hear it here SoundCloud - Hear the world’s sounds
The 1ST 8 bars are the strat then the P-Bass , then the strat - P-Bass etc.
Jack 
PS: Interesting but I’ll stay with the P-Bass 
PPS: The two might not be to bad together 