To be honest, an absurd idea would be me wanting to have a keyhole for my guitar, which rotates a metal plate to connect the jackplate so essentially it turns the guitar on.
That is an awesome idea. If anyone stole the guitar they couldn't use it without dismantling the key mechanism. Not very practical but awesome none the less. Not to mention how awesome it would look to "crank up" your guitar.
You might as well make the pickup selector a min gear shift stick.
Anyway about the MM, I have one in my Les Paul and it doesn't do cleans to well, but it does sound decent in the middle position for cleans. I'm sure coil splitting would help.
If it were me I'd keep the volume knob, and make it a push/pull switch for splitting.