I'm wondering if anyone else has tried this. I had a custom harness made for my Explorer and originally the idea was to bypass all of the pots completely to the jack via a push-push pot for the master tone control but then it became clear that this would not allow the selector switch to be used (and thus both pickups would always be combined whenever the bypass was engaged. We ended up with a push-push bypass for the volume pots only that left the master tone and and selector switch in the circuit, although all of the pots act as kill switches when you roll them right back, including the tone pot.
When the bypass is engaged the pickups sound brighter with more pick attack than when they are not bypassed on full (the pots all seem brighter now as the Epiphone ones were replaced with CTS post that measure around 510K). I'm guessing the effect is similar to a 1Meg pot on full with a 500K tone pot.
Here's a schematic:

The harness was made by Tim Mason at
South Coast Sound Custom Custom Guitar Workshop in Mogo, New South Wales. It was all arranged via email, ebay, and phone calls.
N.B. Tim didn't use the BKP colours for wires. They might be SD