Do wood types affect guitar/bass tonality?

In my opinion,for bass,it does more.
If you compare a bass that costs 500 euros with an expensive neck-thru(let's say 1300) you will find a huge difference,because 99% you record the DI signal to use it for the bass frequencies,and there's no distortion at all on this channel.
On guitars the difference is reduced,because on high gain the pickup/amp plays a bigger role.
 
great for you man!

You should be able to save a lot of money by just sticking a neck, pickup and the rest of the hardware on any piece of wood, disregard the type or shape or any other factor, and be able to play guitar with it. Even more so: for you it will sound awesome anyway cause you can't hear the difference. I envy you!

Uhmm...I didn't say there's no differece in guitar tone. All I'm saying is that there are more important factors that contribute way more than wood types in highly distorted tones. That's why I used the word overrated.
 
I compared a LTD viper with the emg85 with a LTD EC1000 with the same pickup.

Major difference. Actually we hated the viper (all other things the same BTW, strings and age of said strings included).

Hmm. We once compared my LTD M-300FM to an LTD Viper and the Viper was chosen. Both had EMG81's but the Viper did have heavier strings on it.