I have now reassembled my old guitar and tested it, and I am happy to report that it works!
This is a T-40 that I bought at a music store in Glendale, Arizona back in early 1979. I played it off and on until about 1999, when the pots were all scratchy sounding and the phase shifting switch was frozen in place. I got myself a new guitar then, but always kept the old Peavey in the hard case so I could fix it eventually. Well, 13 years later, I have it working like new again, all the electrics restored, original pickups kept, and with a beautiful new red oak finish. It is like having an old friend back.
It was the natural wood, but I never really liked that appearance much. I actually bought it because at the store where I took some lessons, they had a big poster showing Ross Valory playing the T-40. I was 16 years old. I said, "I want to sound like Ross." So, about $450 later, it was mine.
Now, I am 50 and I have my old T-40 working again and I couldn't be happier. I just played it for my 13 year old daughter who had never seen the guitar before. The refinish and reassemly project has been slowly progressing in my workshed for months, as I only have a small bit of time each week to work on it. The kids don't go in the shed much, so she only know I was working on "some guitar thing."
As a bonus, I got to learn how to solder, something I had never tried before.