in a word yes, (if Tim can just double check this)
On Bare Knuckle humbuckers you usually solder the green and white together and tape them up out of the way. For coil tap you need to solder the green and white together onto one of the switch terminals. The other switch terminal needs to be wired to the back of a pot (ground). (Although this depends on your switch, you need to find out how many poles and throws it has, all you need is a basic two terminal SPST switch)
By using the black as hot you get the screw coil, by using the red as hot you get the slug coil.
It's really easy, just not to describe!