On some early Teles, rolling back the volume reduces bass frequencies. (but only for the first two pickup switch positions on the earliest, 50s examples; the bass/rhythm position sports a capacitor intended to better balance the 'both pickups' switch position, on those models) Controls on real guitars and amps tend to be more interactive than with plugins, and can attain sometimes surprising results. In other words, it pays to explore gain structures, particularly with electric guitars and amps.
This is just as true for the virtual pickups in an emulator like Line6's Variax, because they modeled both frequency and volume response to string output, (organized by string) and referenced it by the time domain in order to replicate the profiles of a number of guitar/body/hardware/pickup combinations. This means that it's no accident that sampled electric guitar and amp sounds were among the first to be successfully modeled; electric guitar has been featured in American music for more than half a decade, yet it has a very narrow and therefore easy to emulate response. (hence the advent of Variax and similar technologies)
Boiling it down, what I'm saying is that if you consider the signal path, anything between your fingers and the recording medium will affect your sound, and it's crucial to take control of them all, when recording. (even if the goal is only to attain a consistent result, let alone a really awesome sound.
