That's quite interesting Baz... Perhaps another Fender mystery.
Normally you would connect one end of the pot track to ground and the other end of the pot track to the pickup or switch output (if you had multiple pickups). Only the pot wiper would then connect to the jack tip. In this way the pickup is terminated with the same resistance, irrespective of the pot position. Since the load resistance (250k) is more than 10 times the source resistance, the log taper should produce a smooth volume control. A secondary benefit is Q (resonance) remains more or less constant, so you shouldn't get too much of a tone change with volume.
The circuit shown effectively loads up your pickup output to reduce the volume. Can you imagine switching your lights off by shorting out the supply! I would imagine the volume control would not be a smooth log taper, and since your terminating resistance changes with volume, Q will be far from constant.
In days gone by designers quite often threw away the rule book if something sounded good... But Fender literature was often suspect... perhaps on purpose! And Fender quality control wasn't always that great when it came to wiring, so looking at one or two guitars built around the same time could be misleading, even if they're in original condition.
Just some thoughts Baz. The bottom line is I have no idea how they were originally intended to be built... but, I guess if you keep the volume full up it makes no difference...
Mark



