Hallo Aussie,
Dortmund Germany calling ...
Here is a link to my "Bassschaltungssammlung" with more than 400 pages in German:
http://161589.homepagemodules.de/t29...-E-Baesse.html
I don't know which switch you have - but maybe the same as in Jolana basses???
If the pickups are alive, the rest is no problem.
500k pots (Potentiometer) or 250k pots is a matter of taste.
But I think your bass has SingleCoil pickups (just because this was standard on GDR/DDR basses). So, I would first recommend 250k pots. Take 250k linear pots for the volume and 250k log. pots for the tone pot(s). Maybe something around 47nF capacitor (Kondensator) for the tone pot.
Photos would help to tell you more ...
Have a look at my PDF file ...
I can answer in German if you have a question via PM - or send me an email.
I am NO expert for DDR basses! I raised up in the western West of Germany (North of Mönchengladbach - 10 km from the Dutch border). Everything at the right side of the river Rhine is "East Germany" to me ...