Never mind, I think I answered my own question. I had emailed some pics to a fellow G&L'r who knows quite a bit about this guitar and I didn't notice an oddity until I actually was preparing the pic for emailing. I had already put the guitar up so I couldn't check at the time but this is what I saw in the picture and really thought that something might be fried.
If you look at the pots and the circuit board below them it looks like something really bad. I was playing it the other day and it was behaving quite badly, jumping in volume etc. Turns out to be a bad wah peddle I think. But, I thought it was the electronics and frankly was afraid to open it up for fear of what I might find. Today I got the courage to open her up and turns out it's just 37 year old velcro and the breakdown of it. I played it straight into the amp and everything behaved well.
While I am at it now, several people have mentioned that they have never seen an F-100 with four switches. There should be a pickup selector, a red splitter switch which should be a three way giving you hum bucking mode, single coil mode with bass boost and single with no boost. Then there is a white three way active/passive with regular high impedance mode, low impedance with no boost and the third is low Q and treble boost. Man, that's a lot of stuff going on.
Problem is, my prototype has three switches and the selector switch. These three switches are only 2 way with a black, red and white. Other than the white active/passive switch I'm not really sure what the others do for sure. It appears as if they do this: Black switch is hum bucker/single and the red does the phase. One of them disables the selector switch and seems to put it in single coil with only the inner and outer coil on each pickup working, i believe that's the black one. My mind is still spinning from trying to determine what does what and I already put it up. Thing is, my bench (dining room table) only has an Orange miny amp so it's hard to really hear these kind of differences. It's mostly for "does it work or not" kind of work.
So...any of you got an F-100 with four switches and know all that they do?
BTW: Isn't this thing beautiful though?
Tom