the tone pot on my bass went bad. I've never done any electric work on a bass or guitar, so this is my first one. heres my basic plan

is that how i should do it? or is that going to damage my wiring?
also, should i just re-create the position of the cap on my new pot?
cant decide between a 250k or 500k, but prob 250
or a .05 or a .1 cap
any and all help is greatly appreciated!