Yes I think there is a diagram on the website for using it as a tone control. The third lug is hard-wired to ground. So the cap has to be wired the Gibson way where the cap itself is bridging from the volume knob to the tone knob. (the terminal marked "out" on the Liberator) Or you can just snip the pot's lead going into the Liberator and wire it standard with hot feeding the center terminal (out) and a cap between the pots newly snipped terminal and ground.
I was considering that BMP for my John5 Tele, but your insight made me think twice. So those faces were a combination of FFFUUUUU, sadness and defeat. :lol: