You're better off with a std 3-way toggle and push-pulls for coil cut. That way you can pair up coils from different PU's (slug & screw coils to make a 'virtual' HB, like a Strat).
There's also the FreeWay, a toggle which gives you six positions instead of three. AFAIK, it should fit in a standard LP switch cavity. More options, and preserves the classic look. And it allows more complicated options like series/parallel and combining coils from different pickups.
I've always felt the standard wiring left a lot of potential untapped when you have six coils available.