From the thread on FSB that sounds absolutely right - bassy CCW, volume drop at 12 o'clock, and screeching treble full CW.
You have to remember that some of these early fuzzes had "tone" controls that were primitive, and often bizarre. They are nothing like what we would now consider to be an effective and useful tone control.
It might well be ripe for improvement though. I built an Ace Tone FM-2 Fuzzmaster that had a very strange, and pretty poor tone control. With a bit of trial and error, I was able to come up with a minor mod, that worked much better. It's highly likely that this could be inproved in a similar way.
http://tagboardeffects.blogspot.co.uk/2014/10/ace-tone-fm-2-fuzz-master.htmlTake a look - it might give you some pointers for modifying.