No, it was hard Northern ash. The same factory that cut bodies for Boogie, also made baseball bats. That was one of the head-scratchingly stupid oversights Fender made with their Frankie "replica"... they used Swamp Ash, which has a totally different tone. He said in an interview in 1980 that Frankie was as heavy as a Les Paul. Obviously swamp bodies don't weigh that much, nor do basswood bodies. The 5150 may have been basswood... but nobody will ever know for sure, unless Ed auctions it off.
As far as the pickups go, I think it's snake oil to put products out there (including the "official" Frankie pickup) that are supposed to replicate the VH sound. He used a Les Paul... he used a Flying V... he used Frankie... he used the Destroyer... the mini Les Paul... all of them sound like Ed. Unless Seymour wound a bunch of pickups and he put them in all of his guitars, it's a little assumptive that the pickups were "the key" to the sound.