Back to grampa 5F6A.
Or even a bit earlier.
In this period Fender was using NFB from speaker-tap to power amp driver.
When picking NFB resistors, you want values higher than the source Z and lower than the NFB-input Z.
Since the source is a 4 or 8 ohm tap, you can use quite low values. Actually limited by how big a resistor you want to pay needlessly for. An 800r resistor will take 1/100th of the speaker power, so for 50W amps you can use a half-Watt resistor (used to be the cheapest kind). You want a ratio of about 10, so the lower resistor is about 80. At the bench they grabbed 820 ohms and 100 ohms for some amps, 820:47 for others, to-taste.
Somewhere in there someone mis-connected the NFB from the off-side grid to the bottom of the long-tail. It was different. They liked it.
Around the same time they tried a capacitor across the bottom NFB resistor to brighten the sound. It works, but with 100r at bottom it needs an awkwardly large value, the full-up tone is too-much for most use, and 100r pots can be rare.
Everything can be scaled. They scaled the 100r up to about 5,000r, and scaled the 820r to 27K, 47K, or so. This 5K in bottom is about as high a value as can be used without hurting the NFB action. But it is high enough to allow use of an economical 0.1uFd 200V cap and fairly-standard pot.
As Steve says, that scratches. One option is to go to 10K fixed, shunted with 10K-25K pot and 0.1u cap. The large NFB resistor may be 47K or 100K.
The NFB resistor ratio is a *to-taste* choice. You can eliminate NFB and let the bass flap, increase NFB until the amp is dry and sterile... depends on your speakers, your music, and your taste. You find all sorts out there, from 2ndG Ampeg VT40 (openback 4*10) with no NFB to early Sunns with heavy NFB (large cabs).
If you eliminate NFB with the "presence pot" plan, it is not the same. This connection has to be a mistake. It does some very complicated things to the amplifier distortion-vs-frequency. Any rational designer would just say "let's wire it right so we know what is happening". Fender ran with it, and 50% of others use it, many of them correctly. If you just have pot and cap, without the resistor back from the speaker-tap, it probably does nothing at all.
Agree: with the speaker you plan to use, try both 5K and 10K. The hand-written value suggests that Jim himself (or his elves) hadn't yet decided when the schematic went to the printers. Or maybe varied depending if they got model X or model Y speakers this month, or as musical tastes changed from Bananarama to Metallica to Wham!