Hieronymus - perhaps you were thinking of a phase restoration switch - which sadly doesn't exist, since like David said it will require heavy DSP processing. Think aural exciters ...
 
Anyway, you've now heard what the Distillate can do in a live situation and it sounds like your doubts have pretty much disappeared.
 
I still recommend the upgrade to a blend pot, as it adds such a lot of versatility for just a small investment, whilst retaining the original options.

To be honest, I like the preset function of the pickup selector switch.  I have had blend knobs and pickup volume knobs all my life, so this is new technology to me and I like the fact that I can always dial up the same sound with this option.  Still good advice and I thank everyone for their own input.

I have to agree with David..I rarely have both Pu's on together on my MK Signature and the effect of string length versus PU sense is very apparent when the pan control is at centre detent.
Personally for me it's neck pu for those low tones and bridge for the slap and finger style funk.
Bridge pu, Q switch on and filter at around 2 o'clock position (looking down)...fender jazz sound on steroids!!!