Yeah, you'll get best results if you treat whatever bass vst you choose as the beginning of the chain, much as you would an actual guitar. It may need compression or amp sim or whatever. Probably try to hide as much of the upper mids and treble as possible. It will also probably be least offensive if you keep it relatively simple - just rooting around under the other instruments rather than taking solos or trying to be too fancy.
OTOH - Have you put any consideration on what other kinds of instruments you might put in place of the bass guitar? Maybe something that is easier to replicate via midi like an organ or electric piano.