Hi ozzbike
I built a MMB-5 last year and configured it to be able to try all the different configurations of wiring, (stock control plate, 2-band active eq, 3 band active eq, switched coils etc,) locating the jack socket on side of the body and used plug-in connectors to make control experiments easier. The stock PUP is still in use and tone can be shaped easily on and off board. The experiments were well worth while, and I settled on a combo for my sound to help compensate for the tone of the body timber; something you may also have to contend with.
Most MM Stingray 5's are Ash or Alder which makes the signature sound quite punchy in the mids. The body on my MMB-5 is Tilia, (Basswood) and the difference between the Tilia and Ash tone- wise is distinct; not quite so clear in the mids. As mahogany is warmer than Tilia, your mahogany body is likely to make the bass quite low-mid rich. With this in mind, the standard passive eq with the kit is probably going to sound muddier than mine did. Another tone issue is that my kit (and probably yours) had the PUP located 22mm closer to the neck than on a MM version. I moved mine back to the correct distance from the bridge to that "sweet spot" of tone used by MM and G&L.
All the best with your build. I really enjoyed mine.
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