This works if you only turn down the tone pot for the grounded coil, as the other tone control would always work as a Master Tone (since you are essentially wiring both pickups into one big humbucker, a tone control at the end will affect the whole signal). This is the same concept used in the wiring of the older versions of G&L L1000s and L2000s in the so-called "single coil with bass boost" mode, though on those basses it was a fixed .1uf capacitor to ground in between two series wired coils. The downside of this is that if you use single coil pickups (vs split-coil), you will lose some of the hum-cancelling effect when you unbalance the coils in this manner.ah yes, that one goofy MS Paint drawing of mine seems to have gotten some miles zooming around the internet
more recently, i've been thinking that the drawback to the idea is that turning one pickup down creates a big volume and low end loss due to losing the series "boost".
i haven't worked it out yet, but i think a better idea for series J wiring is one volume and two tones!
unlike with parallel, in series you can turn down a tone pot on one pickup and have it not affect the other pickup; this creates a neat effect where dumping the tone on one pickup means you hear the highs from the other pickup, while the lows from both of them are still there, in series, creating that fat boost. single coil highs and humbucker lows, it sounds like one pickup but with a big low end boost.
turning down both tones would actually work like an overall tone rolloff.
i think this wiring would be more useful to get various tones without losing the series bass boost.
I have wired a couple Telecaster guitars and a Jazz bass this way (though with fixed capacitors on switches), and it makes a very useful aggressive hot humbucker-ish tone. I recommend wiring the neck pickup through the bridge pickup, so the first tone control rolls the highs out from the neck pickup and retains the clarity of the bridge pickup (though I never tried the other way around).