I think it's a waste of your time. You'll never get a decent tone out of your bass if you convert your current low-budget neck. The quality of the wood is really really bad if you want to convert it to 'fretless'. You could try and buy a new neck. They're not really cheap, but it does allow you to use your bass again. Plus, if the neck's twisted, it'll be really hard to achieve a good tone.
If you do plan on defretting, go on ahead:
De/Refretting a Guitar --- Guide