Why would it sound like a P? The pickup is not where a Precision pickup would be, so no, it won't. It will sound like a Stingray, with fewer tonal options, but still very much a Stingray type of sound.
(My 2002 EBMM Stingray has a preamp bypass switch now, I'm not talking hypotheticals. I thought I'd add this before we get any of the "the MM pickup needs a preamp, it'll be too quiet on its own" BS )