Re: What are the +'s & -'s of bypassing the tone control?
For me, the main benefit of removing the tone control would be to gain an extra mounting hole, (without cutting the pickguard/guitar), to mount some switch thats much cooler . . . like a p'up split or something.
It will gain you an extra bit of high-end also, although some might say, too much. Depends somewhat on what you have now, and how you like the tone.
Edit: I should add, since someone explained to me what Clapton's "woman tone" is, I've been using the tone control more and more, turned down. Its a judgement call.