Artie
Peaveyologist
I hope I'm not annoying anyone with these. Its just what I do. 
We did this to my boy's Bullet Strat using the original pups. Sounds killer in all positions.
This came out better than expected, and its real simple:
Replace the 5-way with a 3-way. Replace the 2nd tone control with a simple DPDT on-on switch and make it master vol/tone. (A push-pull pot would work equally as well.)
Switch "down" gives you parallel mode. Switch "up" gives you series mode, for three virtual humbuckers. The switch-up, middle position is particularly cool. Neck and bridge in parallel, and then those two in series with the middle.
Works good, sounds great.
Artie
We did this to my boy's Bullet Strat using the original pups. Sounds killer in all positions.
This came out better than expected, and its real simple:
Replace the 5-way with a 3-way. Replace the 2nd tone control with a simple DPDT on-on switch and make it master vol/tone. (A push-pull pot would work equally as well.)
Switch "down" gives you parallel mode. Switch "up" gives you series mode, for three virtual humbuckers. The switch-up, middle position is particularly cool. Neck and bridge in parallel, and then those two in series with the middle.
Works good, sounds great.
Artie