When the selector points toward the neck, isn't that bass pick-up only?
Middle position both, towards the bridge, treble pick-up?

Typically yes, with standby all the way counter clockwise.

All the way clockwise= neck pickup
Rotate one position counter clockwise = both pickups
Rotate two positions counter clockwise = bridge pickup
Rotate three positions counter clockwise (fully counter clockwise)= standby

That's it for a series bass pickup selector

As Rob said, what you've described is the standard setup from the factory.  But the position of the actual point is up to the player.  Someone whose playing hand moves around a lot may not want that sharp point facing the strings so the knob can be reversed.  Some players even relocate the p/u selector switch into the area near the other controls to get it out of their way.

Jimmy J

Jimmy J-
Gotcha. I just got a new splitter/phantom power box (my old one crapped out years ago),
and can't seem to get true separation to record. I seem to remember changing the direction of the
selector knob for convenience when I first got the bass (it's a '92). Will have to hook up to two
separate amps to determine if the problem is in the bass or in my input into my pre-amp/recorder
set-up.
Thanks to you both!

Not on my basses! My philosophy is that as many knobs as possible should go from counter-clockwise bassy to clockwise trebly.