[Ron Ramirez]

Upon further investigation this set has one of the "later" tone controls, as it lists a .01 and a .015 capacitor as integral parts of the tone control circuit. Does this mean I need to pull the control and rebuild it like a bakelite block by removing the wax?

Yes.

I use hot glue to reseal the tone controls I rebuild, only to keep the capacitors in place. I do not reseal bakelite block caps when I rebuild them - there is no real need to do so.