I actually did the mudbucker mod to a Mexican Precision bass back in the day. I was on a big Billy kick at the time and went as far as to scallop the top frets on my Soundgear.
Needless to say, I didn't scallop the frets on the Precision, but it was wired just like Billy's and sounded divine.
I made one change to the wiring, I used a push/pull pot to route both signals to a single output if I was only playing with one amp. Sometimes I dragged around a second stack to play in true stereo.
I was thinking of doing the same thing, there's no way I can haul two rigs around! You don't happen to have a schematic for the wiring kicking around anywhere do you?