Guys,
Thank you so much. The common sense and experience shines through in the replies. Because I wasn't sure if I'd get replies here in time before I lose internet access (on hotel wifi with Nexus One phone), I was gearing up to post on talkbass - but your responses make me feel I don't need to. Also whilst I've been writing this response on my N1, 5 more replies came in! You guys rock - thank you - but I have to hit the send button quick before any more come in! :-)
My mind is made up. I'll hold off buying this Fender. I'll research them more deeply when I get back to the UK, spending a lot more hours scouring basschat no doubt
KiOgon - I do feel rushed, though by the lack of time (hasten to add not by the shop though (NO Musician's Exchange))
EBS_freak - (your photo was momentarily distracting, she has a great ass but also looks a little like a 2nd pair of tits!). I've been on the lookout for a Precision for the past 6 months mostly for the Jamerson tone I want. I tried a new one in GAK and the old ones were too expensive and I didn't have time to try at the time. I also like the fretboard action on my AXL Jazz copy. Oddly the Squire P-bass has a narrower neck which suited me. I had not expected to find a P-body/J-neck, much less one made that way by Fender. So yes, you're right, I'd not done my research before walking in. But I'm glad I've added to it by asking here! At the end of the day you have to generally weigh up and trust people's advice in forums and reputable shops. So, yes I have no clue Fender has a custom shop (though it sounded entirely feasible at the time) and I've never heard of John English. You're also right that I don't know enough to question it, but I'll try and learn enough over the next few months to help myself. Good to know there isn't a shortage of basses too!
warwickhunt - you're right there was no guarantee or certificate. I asked what the provenance was but only told who the sepper wws. Its a mongrel but one I was told was custom-made that way. Just the shop guy telling me this. The bass felt and sounded just right for me, it surprised me how quickly I got "set". Its possible other such hybrids might give me the same results and that this isn't The One.
gareth1982 - thinking the same thing now. Save my money and buy in the UK, looking here first.
gary mac - warranty is an issue, I certainly would find it difficult to sort out with the shop (or the collector they are selling it for). Fixing it myself isn't a risk I'd want to to take though I'd feel ok on the electronics side. You're right about the fun aspect of tracking down a great bass and trying the ones in between - am looking forward to the chase :-)
BurritoBass - that's very encouraging to hear. Can't wait to start looking over the weekend. Like the Christmas themed photo ;-)
molan - yep, I'd looked and no Custom Shop logo anywhere.
Thank you all so much - you've help put sense in my mind, helped me learn stuff, given me some great ideas. Am thinking a USA Precision body + Jazz neck, buying in the UK and ideally from one of the folks on basschat.
-Kiat