Position 1 runs the neck pickup through a fixed capacitor (0.001uF) in series, closely resembling the well-known Esquire Eldred mod. Common wiring diagrams can be found on the internet.
Telecaster 5 way switching components conversion kit.
Grigsby Switch For Telecaster Stratocaster Guitar 3 Way 4 Way 5 Way
Oak Grigsby Switch For Telecaster Stratocaster Guitar 3 Way 4 Way 5 Way
Oak Grigsby Switch For Telecaster Stratocaster Guitar 3 Way 4 way 5 Way Replaces
Premium Ready Built Fender USA Telecaster Tele Wiring Loom/Harness 3,4 & 5-way
3/4/5 Way Grigsby Switch For Telecaster Stratocaster Guitar Switch Replace