BTW, a .05µF wouldn't work as a treble bleed. Even a 0.005µF wouldn't. A treble bleed would require something like 0.5 NANOfarad (=0.0005µF): 560pF or 470pF precisely. It would make sense with a 250k volume.
Now and while I keep rambling about it:
if the tiny cap on the S1 switch is involved in some kind of high pass / low cut filter, things become different and it might explain the feeling of excessive brightness... What is exactly the guitar evoked and is there a schematic about its wiring?
EDIT - If the Telecaster is an American "Elite" , here is something that I've experienced a while back with this model (and it was making it sound "too bright", to some extent):
https://www.mylespaul.com/threads/20.../#post-8114177
The PU's on this guitar made me think that Fender had finally found how to obtain authentic single coilish sounds from noiseless transducers... But they were surely transparent and bright by design and might benefit of the "capacitive" trick evoked in my previous answer above.