STDC - yes. Smaller values full to ground really don't sound the same as a standard control at 7 or 8 or whatever. Think of the value of the cap as the determinant of the low pass filter frequency cutoff, what you have with say a .047 cap is a lot of mids getting cut in the service of that low pass filter, right from the first turn of your standard tone pot you start to lose the definition that comes from mids. Basically I'm using the positions 2, 3, and 4 with 1 and 5 being more of a special occasion sound. If I were a big slapper I'd love the true bypass setting.
If I were trying to keep it super simple, I might just have gone with a master volume and on/off/on mini switch for a .01 and .022 cap, I can see that being real useful on a guitar too. But I already had three big holes drilled so this works.
CB - yeah I like the .0047 to ground for that reason. I hated the bass cut settings I tried - it's a P bass after all - what I'm after is that nice rich P bass sound first and foremost. I can see it on a humbucker guitar for some applications, I guess.
Glad this post is getting some interest, and it's fun to finally have a useful tone control, for sure. All of these ideas are floating around the internet already of course, most all of this stuff is borrowed from others here and on talkbass.