I had exactly that switching system on my RG3EXFM1. Finally chucked the 5-way for a 3-way blade, 1 push/pull that splits the coils simultaneously, and another P/P that reverses the phase of the bridge p’up. I find it to be much more useable.
Of course I also got rid of the crap Ibanez V7/V8 pickups that were in it too.