After speaking with Fralin's shop, I put a set of their P/J pickups, with a 5% overwound "split" J pup in my 1980's ESP 400 Series P/J. The hotter Jazz pickup is a good match for Fralin's standard P-pup, both in tone and volume, and if there's a loss of high end due to the hum-cancelling design, I can't hear it in the P/J mix. The controls are V/V/T, with push-pull knobs on the J-pickup volume and the tone.
Pulling up on the J volume knob completely removes the pickup from the circuit, leaving only the P-pickup, volume pot, and tone pot in-line. There's a
very small difference in tone between removing the J-pup and just turning it down all the way, but it
is there. In truth, however, you'd never notice it, unless the instrument was soloed and you A/B'ed the two sounds. I really just did the mod for fun, and to satisfy my own curiosity.
The push-pull on the tone knob switches between .047uF and .1uF capacitors for modern and "vintage" P-Bass tones. Standard (down) position is the .047 cap, which is where it stays most of the time. Again, it was more of a fun exercise than a really practical mod. If I played nothing but Flatwound Old School P-Bass, it would probably be a cool option to have, though.
Running both pickups wide open gives you the "scooped" sound that's common with passive two-pickup basses. However, I usually end up backing the Jazz pickup down just until the tone opens back up (maybe 80-90% on). Of course, having the straight "P" sound is nice, too.
I should mention, I used
linear taper pots in the volume positions and an audio pot for the tone knob, so the controls on my bass may behave a little differently from those on other instruments.
If I used my J-pup soloed, or wanted a more specific tone from each pickup, I could see the benefit of selector switches or stacked tone controls, but I really just want P or P+, and the tone is usually full-up or full-down.