Pots for volume and tone, 3-way toggle (LP style) for pickups, mini-toggle (DPDT) for splits. Put the pickup toggle between the volume and tone. So you have: Volume / PU Selector / Tone / Mini-toggle.
I mostly agree. I don't like the placement of the mini switch at all as it would be difficult to use on the fly with a Floyd Rose trem in there. I'd fill the hole, throw a sticker over it, and grab two 500k push pull pots for the coil splitting.
My hands are pretty quick, so I don't see it being too big an issue, I don't really touch the controls between songs that much anyway. I'm probably not going to stick with the current color of the guitar, it will make a pretty good playground to learn how to fill and paint over a hole though if I decide I don't need it. It looks kinda weird with only three holes though.
Position 1: 3-way toggle switch
Position 2: Master volume
Position 3: Bridge tone (I always have my bridge tone lower than my neck tone, so neck full and compensate with the tone at the bridge).
Position 4: Red led wired to some capacitors/resistors/whatever that are acting as a dynamo, the more you play the brighter the led
I'd go master coil split myself . . . series/parallel never sounds quite right for single coil sounds, but splitting the pickups works well with most medium gain pickups.
I don't know how well series/parallel would work in a Bluesbucker. The 7k coil has two P90 sized magnets flanking it and the 3k coil has no magnets. A Bluesbucker is almost a side-by-side stacked single coil as opposed to a humbucker