Thank-you all for some very thought provoking posts in this thread.
I'd like to comment on a few things if I may.
Honestly, my best recommendation at this time is to pick up a reasonable bass guitar, and a DI box for good measure.
Just my .02
Mark, I would love to do that as it would be the best way, but alas financial restraints make it impossible right now.
outteh, I have experimented with your suggestion and have managed to make some sounds that sound pretty good so I will experiment some more. One thing I have discovered is that with the pick-ups on my Gibson Explorer I can get a fair range of sounds and some suit bass guitar emulation better than others.
My Explorer is the rarer lead version and so has a different pick-up set-up compared to that of a standard Explorer. A standard one has 2 hum-buckers while mine has 1 hum-bucker and 2 single coils with a phase switch on the volume knob to make them sound more like a hum-bucker. It also has 3 switches, one for each single coil and 1 for the hum-bucker. The hum-bucker can be a little over powering for some guitar sounds/effects but sounds really good for bass emulation while the single coils seem to be better for a decent range of guitar sounds.
I am fairly sure that my Explorer is one of only 6 Explorer leads that Gibson ever made making is a rare beastie indeed.