If the question is "How well would it emulate old caps?", I'd reply: well enough to have inspired the Greasebucket circuit to Fender, apparently. ;-)
Regarding what uOpt said: my archives contain experimental data showing rather clearly that pickups produce more or less THD according to the tone cap used. Differences appear even when the tone pot is not totally lowered and can be measured consistently when a pickup is electrically stimulated with the proper signal...