Picked this up from Fenderforum/Talkbass guys, and it works.
If you have one of these, it has the TEB101 humbucker. It's a 4-wire jobby! This means any amount of switching is possible. The basic mod to tame the mud involves getting under the guard and finding the red and white wires soldered together. Separate them, solder the red to ground and the white to the same volume pot tag as the green wire.
Bingo! You now have an 11.5Kohm parallel humbucker, which is a more reasonable output and has considerably more mids and highs to play with. Still lots of beef from the positioning, but much more usable.!
There are threads on TB showing a full series/parallel/single-coil switch mod, so more is possible with hole drilling!