For the past year I've been playing in a Grease tribute show, so know this song very well. Definitely a great bassline to play!
Most of who became Toto played on the soundtrack album, that's where they all met (in the studio) and decided to form a band. So, it could be Mike Porcaro or David Hungate, but Google doesn't seem to be much help with a definitive answer.
That is a classic bass tone for sure and great bass line. For 15 years I alternated between a Jazz bass and Musicman.
I had a Precision back in the mid 70's but really never cared for the sound too much. I just bought a used 2005 American Precision and immediately put flats on it. Now I'm in bass heaven My precision is black which I also think looks pretty cool but there is a guy locally that has a 2006 (60th ann.) P-Bass in classic sunburst. He's looking to trade it for a Jazz bass and I'm really tempted to let my Jazz bass go and stick with two precisions.
I suppose common sense would say keep the Jazz and have one of each........ but oh boy I am sure digging the sound of my P-Bass. With flat wounds I can hear a little of the double bass thumpy-ness..... really love it.