Hi Continental
nice looking bass! It looks great in that blue, and good to see it with all it's parts.
So is repainting it viable? yes of course, but is it worthwhile? The two usual considerations are value and aesthetics...
As for value, you will not really change things by repainting it... a refin, however good or bad is still a refin, so theoretically it will be worth less than one in original condition. Having said this, the nice (and unusual) blue might encourage more bidders if sold on ebay etc... And the cost of a refinish could well run higher than the cost of the whole bass... Even if you do it yourself (which admittedly may be something you would enjoy) will not be free once paint is bought.
Of course if you really want another colour, a refin may be the way to go, but as you are asking about restoration, I guess you would go for red or white? I actually really like the blue! If it is just badly applied, could buffing it up make it more presentable?
Yours seems to have a nice neck with decal intact - these old Vox guitars regularly come up with missing decals, damaged necks, missing frets etc. If you can bear to wait, i'd hold out for a bassmaster on ebay with a nice body and battered neck - take the body, then sell on the bits you don't need.
For example this one from last month would have been perfect
VINTAGE-VOX-BASS-WEM-VOX-WATKINS-ERA-VINTAGE-1960-BASSIt might take months for the right bass to come up, but If you are lucky (and don't overpay) you'll get a better result, for very little money. If you do go this route, make sure you get an early one with the hole for the jack on the side of the body, rather than the jack on the scratchplate.