Lovely looking guitar there
but its a bit spooky that I have just snagged a green LC440 and also a PE1500 within the space of a month .......
The PE is in great condition and, as you quite rightly say, is a monster of a guitar.....1 of the pups has been replaced but I haven't had time to check it out properly yet so I'm not sure whats what.
Regarding the red wire in the LC440, I'll have to double check later, but I have a suspicion that the mini switch is in fact a coil tap switch - but only works for the bridge pup.
I thought that there were 3 independent volume controls and 1 tone control which allows for some great sound blending.
Toggle switch up = neck, down = bridge, middle = all 3.
My bridge pickup has been switched out for a DiMarzio some time ago, which certainly adds to the versatility.
Takes a while to find the sweet spot but when you do....wow!!
Certainly one of the best looking guitars I own and its hard to explain but has a great 'feel' to it.