It makes the value of the pot seem lower
When the pot is full up - I would think that the pickup "sees" a 100k ohm resistance.
You may also lose top end as well
If you add a capacitor to that resistor in parallel it will behave differently again. Maybe a 0.001 Micro farad cap
Will act as a treble bleed and stop too much high end being rolled off as you turn down the volume.
I think that is right.......
