Yes, that's what is in the drawing. Each rack (R1-R4) has a common pin. The Neck PUP is wired as an insert on R3 and R4 with the common pins as the signal in and out. The Blend with the 1nF cap is added in series for pos 3. That whole insert path is phase inverted for pos 2. The 500nF cap is added in parallel for pos 2 and 3. I sure hope it sounds as expected.

Add: going over the Blend function in Guitarfreak, it looks like ~750pF for each cap in my drawing would be closer to the ideal 1.6kHz & 4.3kHz peaks at 0 with a ~2.2kHz peak at 10. Either way would work, but ~750pF's should be better if you can manage it. Within ~10% of the recommended cap value is fine.

Edited 2 times by gckelloch Dec 5 13 2:11 AM.