Replacing the cap is cheap and easy. Few bucks for the cap and some time to solder it in. You may want to try that and see if you get tone control back again. Otherwise maybe some other posters have had a similar problem and can relate.
While you're at it you may want to pick up a 250k pot too just in case that's where the problem is coming from. I'm one of those process of elimination guys and most of those components are pretty cheap so swapping out old for new and re-soldering the connections isn't expensive or that complicated. The switch is the most expensive thing in there and even that's only about $15.
The real problem comes when you've checked or replaced it all and it still misbehaves. Then you take it to a priest and have it exorcised and have the archbishop bless it. LOL
CS 51 Nocaster, "Nashcaster"/Nashville>Nocaster conv., MIM>Nashville conv./Onamac Tall Blues pups, Squier CVC/Keystones pups, CV 60's Jazz Bass, Matt Freeman PBass/Wilde P46 pup, Taylor 414CE. Roland Cube 40xl, Bugera v5, Roland BC 60, tc BG250, GK MB112.