Interesting series of videos here, first one explains the difference between 50's and modern wiring and where all the wires go, next two demonstrate the sound on a guitar.
http://www.youtube.com/watch?v=agiuo02m8aY http://www.youtube.com/watch?v=o8T1YnJqn_I http://www.youtube.com/watch?v=4pD5vAZv8yU
It's rather changed my mind and I think I might try it now! Simple enough to change it back if you don't like it of course.
HINT: When earthing a tone or volume pot, don't bend the lug back and solder it directly to the case. use a short bit of wire, or a pin or something similar (I use a section of brass chandelier pin). This makes it easier to change afterwards if necessary. Actually, bending the lug always worries me, I fear it might break something.
God give me patience ... but I want it NOW!!