Hi Andy, check
this out, you may find it useful. I don't have any experience with MM ( I'm cravin' for one, though

) but, as suggested above, I'd check the wiring from the pickup to the switch (if any) and output jack, possibly try to connect to the jack directly, to see if it has a normal passive output.
Quite a few years behind those electronics, could be anything from bad solder joints to leaked or out of spec capacitors, you name it

From what I know, there's a forum on musicman website, you may drop a couple of lines there, also. As a personal choice, I would keep the pickup and replace preamp, jack and pots, start life anew
Good luck with it, I know I would looove to lay my hands on a project like this


EDIT:
If you go
here and scroll about half a page, you'll find a link to a schematic of the original MM preamp.
Regards,
Adrian