There's no reason why it wouldn't be. It will sound like a bass pickup when the instrument is tuned to the bass range.
Besides the Musicmaster guitar pickup in the Musicmaster bass, The coils of Rick Hi-gains for guitar and bass are wound to identical specs, with 4 or 6 steel polepieces. The Rick toaster used in the neck of some basses has 6 magnet polepieces, same pickup used in some guitar models. And the Rick 650 guitar and 4004 bass use the same blade-type humbuckers. I'm pretty sure there have been others over the years.