effects have limitations regarding low freq's
I have played guitar, bass, and drums in live projects.
I seem to play guitar like a bass player, and bass like a guitar player.
I'm kind of a baritone, if you will.
I currently play bass in two bands, due to the demand for those who respect the low end.
An Ampeg SVT head (tube or solid state) is the only head that I have not felt the need for extra tone enhancement via effects. I used to play through an SWR head that sounded like crap, unless I used a SansAmp Tube Driver.
Depending on the project I would use fingers or a pick, plus EQ and gain to acheive the desired attack and room filling low end.
I say all this to back up the notion that a Bass, fills the room via low frequencies, and low frequencies get lost when effects are too prevalent.
For recording purposes, any effect pedal (guitar or bass) can create great sounds. Just EQ a guitar pedal/processor to enhance the low end.
(Zoom pedals for guitar work great, as well as
my Boss GT3)
You will however, find that Distortion/OD/Fuzz doesn't respond too well to low frequencies. This is why effects are few and far between for bass.
Unfortunately, in a live situation, the bass becomes a wash if too much stuff is countering the low end.
Yes, the bass has its place. Effects can enhance the overall sound, but Distortion is simply not a low end effect.