Artie
Peaveyologist
Both.
The middle position does indeed allow for a blend....in fact this is exactly the same wiring diagram as found in a Les Paul (save for the fact they have tone controls too). And just like a Les Paul if you drop the volume of 1 pickup all the way down you shut off the whole sound in the middle position.
Hey Alex. That's not quite correct. If the 3-way is in the middle, either volume will kill both pups. The output jack will be shorted to ground through the pot. To get the "blend" affect, (aka 50's wiring), you need to reverse the connection from the left-most terminal to the center. In other words, pickup black wire to the center wiper, and the left-most terminal out to the 3-way switch.