Well, that Bass has a nice, bright top-end, and a fat bottom, sounds a lot like active pickups to me, which is why i use them myself.
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yeah, active electronics would help. Try coming off of the highs and mids. That might help. The bassist plays really smooth. I think most of that tone is coming from his fingers and his skill.
well for one, if its malmsteens bass player he has a high end rig, and yeh, high end rig great tone. the bass player himself has great technique and finger strength, and he plays very very cleanly. chances are he's using some active humbuckers to get that fat tone.

messing with you EQ alone probably wont do much.