What are the pros/cons for a headless instrument?

Pros: smaller/shorter instrument. They’re great for travel as they fit in an electric guitar sized gig bag. They work well if you find yourself on small, crowded stages (small clubs, coffee houses, orchestra pits, etc..). Sonically, they typically possess a more staccato attack which is great if you play anything percussive. They’re lighter and easier to wear on longer gigs.
Cons; the changing of strings can be a little tricky. They lack a little bit of the fullness and resonance you experience from a build with a headstock. On the 5 and 6 strings; the nut width is a bit wider than my usual spacing via a hand carved nut. This is due to the dimensions the hardware is made to accommodate.

What is the lightest wood, suitable for a bass, that doesn’t compromise the sound/construction? I guess this would include fingerboards, as they also contribute to overall weight.

The lightest body woods I’ve used are Paulowina, Spanish Cedar, and the super light varieties of Swamp ash. They all work, but yield a softer overall attack. I’ve had my best tonal success (while keeping weight down) by using alder or hemlock. For fingerboards; the softest/lightest I’ll use is Indian Rosewood…..and that is rare. I gravitate towards more dense woods for fingerboards for both tone and functionality.

I’ve never owned a Muckelroy “yet” or any bass that didn’t have a painted finish. One question that I’ve been wondering, what types of oil (oils, mixture etc) do you use for sealing your basses and how many coats or applications do you apply to each one, and does different wood types require less or more? And does an owner of one of your basses need to periodically reapply?

I use a three part mixture of teak oil, thinner and semi gloss poly. I use between 3 and 6 coats depending on the woods involved. Woods that are less dense or more open-pored tend to drink up a little more, requiring more coats.
Owners of instruments with this type of finish do not need to reapply this oil. For maintenance and cleaning, I recommend a product called Howard Feed & Wax. It’s great on the body, neck and fingerboard…..especially the fingerboard. Howard Feed & Wax can be applied either every 6 months or during string changes. You simply apply a small amount to a soft dry cloth, wipe it on, let it sit for a few minutes and wipe off the excess with another soft dry cloth.