Hello Everybody,
Im new this my first post
I was an Electrical / Electronic Engineer, here is my opinion.
Volume and Tone pots have an entirely different function (obviously !). If a 500Kor 250K volume pot are used, this can really effect the tone of the guitar, a higher value should make the sound brighter. The value of volume pot is a more complex subject, and effects can vary from PU to PU. You can always turn down a 500k pots to give a 250k value, so 500K is a safe bet.
Tone pots are usually used with a series connected capacitor which then acts as a high pass filter. The higher the value of tone pot the less treble you will loose from your pickup signal, but the cap value has the same effect, so the lower the value of the cap the less treble you will loose. I use no-load tone pots - these switch off at position 10, so no high pass filter is in the circuit. So this means max treble. Then as you wind down the pot the filter circuit is switched on as normal. A 1M tone cap is a good choice as it can be set to 250k, 500k or higher. As far as cap values go, I think these are achieved by trail and error. Also I have been told that the type of cap used can effect the tone, and some types of cap are not suitable.