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The solid ground wire running over the capacitor is too close to the center lug of the volume pot. It could cause crosstalk or eventually jar up against the lug. The fix is to pull it upward without putting strain on it and put a flag of black electrical tape insulation to make sure some unseen inherent force doesn't push it back down too close to the lug:
Here is the filter capacitor; It's writing shown right-side-up in the inset image. There are no SAE / conventional value markings on the cap; The markings could be some japanese value code or a make and model number, as far as I can tell. By the tone of the pickups I am guessing that the cap is somewhere around .020 mF, so the cap's 20/50 might represent .020mF and 50 volts. I think the tone of this steel might very well be better / deeper with a .047mF capacitor, to allow more low-mids into the signal with the tone control at or near full treble tone.
And here is different angle view of the circuitry.
Notice the black rubber tube pressure-tensioners surrounding the pickup's height adjustment screws. They are used instead of springs. They proved to be old, had lost their integrity and would no longer exert enough pressure to adjust the pickups properly; So I replaced them with pieces I cut from surgical hose, a common replacement for spring tensioners. The surgical hose tensioners can be seen in the remaining pictures on this page, and their replacement process and effects is shown on the next page. The red foam rubber pads on the bottom of the pickups are to provide a pressure feel and soft landing to help prevent adjusting them downward hard against the bottom of the body cavity where damage to the pickup might occur.