Well my "One Little Victory" was kinda short lived. I think there is something in that middle knob. When I tried to adjust the tone, I lost the second pickup (down toggle). It comes and goes, mostly goes. Still trying to figure out what is causing it. My red wire is in fact a ground wire to the wood body. Never heard of that, but when I connected it to a spot on the circuit board with a "G" on the underside where the soldering is done, the feedback and crackle stopped. There is also some kind of an insulator where the screws go. It looks like it was some kind of gel that hardens. I am going to try hot glue, but I am still also waiting an a new battery connector. I did also find another poorly soldered wire that goes to one of the pickups but I do not think that is causing the intermittent "short", for lack of a better explanation.
I know it works, just not why it's a come and go thing, so I am still positive about it. I can still use the toggle in the up and middle position, (I do not believe it is the toggle wiring...) so it is still playable, just limited on the tone adjustments which is one of the features I come to love about that bass. It sat for a near 2 decades so I am sure there is some corrosion in the knobs. (I can hear it when I turn them) so hopefully some cleaning and exercise will help.
It's a labor of love so I will keep on keepin on with it. I didn't get rid of it for a reason~