I have a two humbucker guitar that I've modded similarly, and I have a different take from TimS.
To begin, a humbucker pickup by definition has 2 coils inside it, yes? That's how it bucks the hum. Call 'em coil A and coil B. Good humbuckers (mine are Seymour Duncans to replace the bodgy ones that came from the factory) give you access wires to the start and end of both coils (together with a ground wire and maybe a earth wire as well). Now normally the two coils are wired in series - the end of coil A is wired to the start of coil B. This is all within the one humbucker, right? However, you can wire them in parallel, where the starts of both coils A and B are wried together, as are the two ends. The (normal) series wiring produces a hotter tone, the parallel wiring produces a more mellow tone.
Another humbucker mod is simply to short out coil B, making the humbucker have the bell-like single coil sound.
So my factory axe came with the standard bodgy humbuckers, a volume pot, a tone pot, and a 3 way selector switch to select neck, both, or bridge pickups.
I upgraded the neck humbucker to a Seymour Duncan Jazz, and changed the volume knob to a push/pull switch version that allows me to switch that front pickup from single coil to humbucking. I can now do solos ranging from Mark Knopfler to Jimi Hendrix. The bridge pickup I upgraded to a SD Distortion, and again changed the tone knob to a switched version that changes the bridge pickup from series to parallel. The Distortion has high output for a pickup, so the slight drop in volume when using parallel is not critical.
I can still select select neck, both, or bridge - that's unchanged. Its more the tones that I can get out of each pickups that is affected by the switches.
For more info, see
http://www.guitarnuts.com/wiring/sw3.php