Hi,
removing the frets is not the problem. I once tried to refret an old (and cheap) guitar (just wanted to try this...

). The method with the soldering iron works. Where I experienced real problems, and I expect for you, too, is the sanding of the fretboard. I found, it was rather difficult to maintain the radius of the fretboard. If I where you, I would most likely take the guitar to some experienced guitar technician, if the bass is worth it. If the bass has no real worth and if it doesn't matter, if you damage it, just try.
cu.
Michael