Is there anything wrong with using guitar effects pedals for bass?
It depends what kind. Distortions and such won't be able to handle it, but modulations (phase, flange) and time based effects (reverb, delay) can.
Read the bass forum FAQ and the thread on the first page in Bass called "bass effects"
Compression/distortion and filter type effects need to be bass-specific (this includes wah) but time-based or modulation effects (delay, chorus, tremolo, flanger, phaser) generally work fine for both.