OK- a brief lesson in passive electronics. In a passive instrument, the volume and tone controls are "cut-only". That is, they only remove something from the signal. Volume knob only cuts volume, tone control removes higher frequencies form the output. That means a passive bass has its truest inherent "voice" when both controls are at their maximum. From there you can only turn it down (with the volume control) or remove highs (with the tone function).
The stock pickups on 40's and 45's are the same- a dual coil humbucker. The 45 has one and the 40 has 2.
T-40's have separate volume and tone controls for each pickup. But the tone controls on a T40 are different from "normal" tone controls. When you turn the tone control for either pickup above 7, one coil of the pair drops out, leaving you with a single coil sound instead of a humbucker sound.
The T-45 has that tone control, plus your standard passive tone control that essentially leaves the lows intact and rolls off the highs.
I've never played a T45 but I imagine the variety of tones is exquisite!