#1
I have this 1984-1987 MIJ Jazz Bass. I got it for $150 from a some pawn shop. It only had 3 strings on it, but I guess hanging from the headstock kept the neck from warping (thank god). I know very little about basses, but I know this for sure. This thing needs a new nut. When I put new strings on it, they rested on first fret. I shimmed the nut, but that only allowed enough relief for an annoying buzz to appear.
Q1: I am familiar with how to slot nuts on a guitar, and may I assume it is similar with a bass?
Q2: What kind of nut is desirable on a bass? It has brass right now. Does bone provide a "better" tone (if they make bone for bass), or should I stick with brass?
#2
Brass nuts are not tonally transparent, so it's an aquired taste. Some people love the clarity, and some people hate the tonal difference when compared to that of a fretted note.

If you go brass or bone, nobody's going to hate you for it - however, brass nuts on a Fender is unusual.
Quote by Cody_Grey102
I was looking at a used Warwick Vampyre LTD 5'er for about $200. I went home to grab my wallet and came back and some jerk with an epic beard got it already..