But seriously...
I can't figure out where Peavey gets off calling those "Hi-Z" inputs. 40K is, I guess, a bit higher than typical for a line level input. Nowadays, though, we generally equate the term Hi-Z with an "Instrument" input - suitable for direct connection to a passive guitar or bass pickup. Those generally sit at 1M or so. 500K even would be okay usually. 40K will cause some pretty serious treble loss. But...
...I usually don't want to hear all of the highest frequencies which come out of a guitar or bass anyway. Usually needs the low-pass action of a typical speaker or something to sound right. I have found that plugging into a too low In-Z can be a simple, quick, and sometimes good enough kind of speaker emulation, especially for bass guitar.
It depends what you're shooting for - like most everything else in this world - but it wont hurt to try it. If you cant live with the treble loss you could put any non-true-bypass pedal in between the bass and the board. Doesn't have to be on, but it does have to be powered. It will present a good high-Z load to your pickups, with a low-Z output more appropriate for the line ins on the mixer. It may be just a little lower volume than absolutely ideal, but it should be workable.
That, or use a DI to go into one of the mic ins.