Comparing it to an original Grabber isn't really apt. This Grabber II is obviously not a budget model, it just emulates the look of one. They might as well have called it Ripper, but I guess the sliding pickup was regarded as the determining characteristic and gimmicky sales angle hence the Grabber name. And it is true that outside Gibon nerd circles the Ripper/Grabber/G-3 family is collectively remebered as "those wide basses with a pick-up you could move, heavy as a log and going by the name of Grabber or Ripper".
Would a limited edition Stingray be much cheaper? The Stingray has more lavish electronics, true, but also a cheaper/easier to make bolt-on neck construction.