Here is a really good video that talks about the switching that was used in these guitars and demonstrates the tones you can get. We have had several discussions here on how this setup helps you learn the how the volume effects the tone. This guitar uses the three way switch. Position 1 (full forward is what I call position 1) wires in come caps for a very dark tone. Two gives you the more standard tone stack. Three bypasses the tone circuit complete (Like the last position on a strat (at least older strats like my ’76). A couple of coats of sanding sealer (the old fashion kind with sawdust mixed in) and a slightly opaque blond finish will cover a multitude of sins (no worries).
I kinda like the Eldred mod on mine