#1
if i buy say, a 500K pot, can i use one for either volume or tone? like, can i choose what to use it for? or are there only specific volume and tone pots?
My Gear:

Guitars:
Gibson Les Paul Junior
Standard Stratocaster (JB Junior in Bridge Position)
Peavey Raptor Plus Exp

Amps:
Marshall MG100HDFX/MG412 Slant Cab Half Stack
Peavey TransTube Rage 158
#2
Yes, you can use it for either. To use it as a tone pot you simply leave the pot alone and wire it like the diagram says, but to use it as a volume pot you'll need to bend one of the three lugs back and solder it to the pot casing. I know it's one of the outside ones, maybe far left? Check your diagram and you should be able to tell.
#3
Quote by guy66657
if i buy say, a 500K pot, can i use one for either volume or tone? like, can i choose what to use it for? or are there only specific volume and tone pots?
yyyup. No difference between the pots themselves when it comes to volume and tone, just the wiring. Volume is wired like a voltage divider. Tone is use in conjunction with a capacitor to shunt the treble to ground.
Meadows
Quote by Jackal58
I release my inner liberal every morning when I take a shit.
Quote by SK8RDUDE411
I wont be like those jerks who dedicate their beliefs to logic and reaosn.