the wal preamp on the mk2 has a low pass filter for each pickup (tone in a sense), active blending and a master volume (4 knob), plus pick attack by pulling up on the volume knob. individual pickup gain can be adjusted with trim pots on the preamp board. the acg eq02 is basically the same except that it has a low pass and a high pass that effect both pickups, not individually. the eq01 has 2 low pass filters like the wal but is only available on ac guitars.
the older wal preamp back in the late 70's and 80's had a tone for each pickup, but not like your standard tone, a volume for each pickup and then a master volume (5 knobs). neck tone has a low mid boost by pulling up on the knob, bridge has high mid boost the same way, and the master volume has the pick attack feature.
being able to have a bassy neck and a bright bridge is due to the mixer circuit on the preamp. it allows the 2 different tones to mix, otherwise the 2 tones would effect both pickups unless you run stereo out of the bass and then mix it. so can cant achieve the same thing with out a mixer, ive tried it.