I'm wondering how you're going to like your guitar without a tone control. I guess it's going to come down to how good the pickups you put into are going to be. I have rewired hundreds of guitars, and I have found with two humbucker guitars, I need a tone control, it's the only way to get the woman tone (rolled off tone pot). And, with the lower output pickups I like (PAF style), I generally like the tone control rolled back a bit on the bridge pickup. I like the ideal of using 500K pots to brighten things up though. I would have done the same thing although using the second pot as a tone control and using a .022uf cap. If the neck pickup still needed some brightness I would switch to a .015uf. One thing GREAT about the Mustang is with it's separate control plate, you can have access to the pots while the guitar is plugged in, so you can alligator clip different caps in 'till you find the right value for the perfect tone sweep. That's how I did it with my Jaguars, the other great short scale Fender!
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