You would definitely be right to, off the bat. Though with it being a 3-way, I'm not exactly sure what the 3rd would be (unless this pickup were actually some sort of quad coil pickup and you could single out blades... but that's implausible to a certain degree).
I did meter the pickup for DCR, using the output of the bass to do so and you can see that the switching does some pretty good changing of that:
Deep (front): 11.77k
Normal (middle): 25.65k
Bright (back): 545k!
(actually had to switch the meter to get a reading)
Again, not 100% sure what the explanation would be for what is going on electronically, but you definitely hear the difference in sound when it is switched.
I did meter the pickup for DCR, using the output of the bass to do so and you can see that the switching does some pretty good changing of that:
Deep (front): 11.77k
Normal (middle): 25.65k
Bright (back): 545k!
(actually had to switch the meter to get a reading)
Again, not 100% sure what the explanation would be for what is going on electronically, but you definitely hear the difference in sound when it is switched.