Ahh, now I have room!
First, when the tone control is up, the only voodoo happening is that the resistance inherent in the pot's value is separating the pickups from the cap. This is more apparent when the cap is wired directly to the hot lead and the center lug of the pot is grounded, as on les pauls and others. On Ibanez guitars, the cap is between the pot and ground, and the hot lead is introduced to it through the pot. So the resistance is pre-cap, not post-cap. Most people will never hear the difference, and if you do, you should feel cursed! It means you are destined for misery because you notice every little thing like I do. Ignorance is bliss.
* * Second, the cap goes to ground, so if you wired the cap in, you would achieve the effect of the tone knob all the way down. What you would want is a 250k or 500k resistor in series before the cap. That would simulate the pot on "10". Another twist is that some pots "jump out" at the end of the travel. when full up, there isn't even the resistance there, i.e. no difference when removed.
* * The cap across the volume is different. Again, full up it should make no difference, but as you turn the volume down, the treble frequencies are the first to go. I like it because it sweetens the sound as I go down. Others don't. They want to go cleaner and janglier when they turn down for rhythm parts. The cap lets the highs escape unharmed while the other frequencies get pummeled. At zero, obviously all frequencies are grounded and the guitar is dead. Sometimes, to lessen the effect of the cap, it is coupled with a resistor. Other times, a resistor is used by itself to create a custom taper, or to smooth out the signal drop as you turn the volume down. Whew! Thats all I have to say about that!