Well, having finally had a chance (and built up the patience) to haul the entire wiring loom out of the guitar the mystery is solved. Or if not solved has gone away. Which I'll call solved until it comes back.
Not the string earth.
Not a bad pickup.
But two things.
One being a dodgy solder joint. The wiring goes from the pickups->pots->switch->jack and that pots->switch run is across the diagonal of the guitar body, like a Les Paul only longer. And no access plates on the back to let you get at it.
Part way down that long run of uninsulated Gibson braided wire the braids are soldered together - the 335 etc are similar but at least the switch is near the pots not over a foot of stiff cable away. That joint being just out of reach if I pull the switch out through the neck pickup route. But with the entire loom out that joint looked like it had seen better days and my meter was showing some inconsistent readings, the connection making and breaking and having a high resistance. So I removed the old solder, cleaned everything up and re-made the joint. Why it lasted 20-odd years then decided to misbehave is one of life's mysteries.
As is why anyone thinks 2.5x1" holes in the sides of the pickup routs are sensible as the only access to the loom and pots. Could have done the whole job in under 10 minutes on an SG.
The second problem being the tone capacitors were quite a bit off-spec. So in went a couple of Orange Drops and everything seems to have settled down again.