For me, as a former Wal owner, it is the pickups and electronics that make them special. Wal instruments ergonomic design and woodwork - although flawlessly executed to the highest standards - are not particularly ground-breaking or extraordinary. In fact, they are a bit marmite!
Fabulous basses as they admittedly are, lose the pups and electronics and you completely lose the Wal mojo.
I think a scaled back budget Wal would be a serious mistake.
Just my tuppence worth.