Parallel is a good sound. Very big and fat and also good for percussive sounds with some good high frequencies. Neck only, though, is much more focused and I find it fits in my music quite often.
Lucky me it was modded back then when there was no Internet and it was just a bass and all I cared about was getting better sound out of it, not whether it was original or what affect anything would have on the value.
For better and for worse, I've alway just done what I wanted with it. Besides, in this case, factory original was, IMO, a mistake: they left off the neck only setting. I know Gibson was trying to do something "different" so perhaps they wanted to make sure it couldn't sound like a P bass.
I really appreciate the Q-filter midrange, so much that I just added one to my SX P-bass. The bad news is that that has reduced my playing of the Ripper, which has seen a lot of use and needs new frets.
Otto