Yes, but it is one thing to scale like that on guitar, and a completely different thing to scale like that on bass. Look at any 70's funk band, bassists like Flea are a dime a dozen. But no one plays bass like Matt Freeman. The only reason people reference flea is because the Chili Pepper's are a modern band and insanely popular.
Practice your scales for two months and you'll get your speed up like that in no time, whether it's on bass or guitar. But if you've got the tone of cold ham sandwich, what's the point? That sort of technique is very limited, IMO and only serves two purposes - looking for blowjobs, or trying to impress people who don't play an instrument / have just started.
I also have to disagree on 70s funk bass. A guy like Bootsy Collins (Funkadelic, James Brown) sounds nothing like Flea. The Peppers are well known for their pop hits in the early 90s, sure, but Flea / Navarro / Frusciante / Smith are great at what they do, especially if you search out some of their sideprojects or solo stuff. Smith's my favourite of the Pepper's guys at the moment, his clinics are smokin' - all kinds of gems on youtube, here's a shorter one:
http://www.youtube.com/watch?v=rnOa9LtDemg^^ only picks up speed as it goes on, I agree with the post about 2:47.
Jaco Pastorius>Victor Wooten>all other bassists
Jaco's amazing. The harmonic stuff he does is just nutty... I've tried and tried to get into his playing though, but I just don't like his tone(sacrilege, I know). Of the Weather Report albums, I prefer the material with Alphonso Johnson. Especially "Black Market", which had Jaco on a couple tunes as well.
One of my favourite bass albums of the last few years was SMV's "Thunder". SMV being Stanley (Clarke), Marcus (Miller) and Victor (Wooten). Just awesome stuff.
http://www.youtube.com/watch?v=mrav_MSMjNsI haven't actually played [guitar] for about a year or so now. I used to be pretty decent with the rock / metal / weedly-wee stuff, but then I went away for 4 months and didn't play, and shortly after getting home I broke my thumb (in 4 different places, somehow) in a weird fall. It never quite felt the same after that; my arm would go stiff after a while, and I didn't have as much range as before.
Hope I can pick up an instrument again in the future though. I'd like to go for drums or percussion if I could. Went to a Zakir Hussain (king of the tabla) concert last year, and that was just awesome. Guitar, I still really enjoy listening to but I'm into mostly jazz stuff, and I could never get that down, even after six years.