I have gotten a few of these Swing Swing things and I am using one to show off my Epic as well as free up some floor space...Is this a bad thing to hang this bass like you see them in Music stores?

As long as  you don't hang it too high or near a heat vent,  under hot lights or in the sun you should be fine.  Of course, make sure you mount the hanger securely.
 
Valentino