No, this isn't one of those "volume control works like tone control" threads about missing bleed capacitors, I'm having the opposite problem in that dialing down the tone control doesn't affect the tone much, it acts more like a second volume control.
I have a '72 standard Tele that has a Fender humbucker in the neck position and consequently has 1 meg pots for volume and tone (the mod was done by a previous owner). For many years I actually disconnected the tone pot altogether as I didn't have a need for it, but I recently reconnected it.
When I first put back the original green .047 tone cap I noticed this behavior i.e. tone control just affects the volume. I then discovered that the bleed cap was actually .01mf, not .001, so I removed it, but that made no difference. In fact turning down the volume pot now affects the tone much
more than changing the tone pot. If I want less volume but NOT have the tone change I can turn down the tone pot. I picked up an Orange Drop .001 bleed cap that I plan to put back in when I sort out the tone control, but for now there's no bleed cap.
I tried replacing the old green tone cap with a Sprague PIO .047 but it's still doing the same thing. It's a really standard wiring, and it's exactly the same as in my '69 Mustang, except for the switches, and the Mustang pots are CTS 250k. Also the Mustang has a .01 tone cap as it has Kinman Strat pickups (I tried a bunch of different values and I liked the .01 best for what I use the Mustang for).
Could it be something to do with having 1 meg pots instead of 250k? As I said, it's a really standard wiring,e.g.
http://www.manchesterguitartech.co.u...electrics.html