The blend pot (a real one anyway) works just like a Jazz bass-style V/V set up, only the pots are ganged. It works so that when you have the bridge soloed and roll the pot towards the center, it does NOT lower the bridge PUP, only rolls up the volume of the neck PUP. At center both PUPs are wide open, and as you continue to roll it towards the neck solo, it keeps the neck wide open as it rolls the bridge down.
Electrically, because you also have a master volume, you now have three volume controls loading the signal instead of two. That can make an audible difference, especially in high-end response. Because you tend to use the blend at its extremes and center anyway, I'd say go with the 3-way switch instead. They're simpler, have less potential for loss, and easier to get if you need a replacement quickly.
I've had basses with blends, 3-way switches, and V/V controls. I personally like the blend best, with the switch coming in a close second. V/V is clumsy and awkward for me- but I've primarily played basses with one volume control since 1976.
John