I noticed the output jack on the precision bass had did not hold the cable well, and the tone knob had almost no effect, so I decided to replace them.
So it was fairly straightforward: remove the pickguard, unsolder the old jack and replace it with the new one. Then I replaced the tone pot (potentiometer) with a 250K fender pot (the original was 500K). The sound was brighter, but didn't sound as good, so I replaced it with a Gibson 500K pot instead. It sounded a lot warmer and so I was content.
I also decided since some of the pickguard screws were chewed up, I would replace them all with fender nickel screws as well (the original ones were a bright stainless).
And now it sounds good and looks better!
Another project done!
:)