To avoid any confusion, which diagram are you using?

The 5-way switch is really two sets of contacts in one package. On more expensive /traditional 5-way switches, you have the contacts laid out on either side of a central wafer. With these 'import' switches, all the contacts are laid out in a line with the two 'common' terminals in the middle. On some switches, as the commons are always connected for standard Strat-style applications, you just get 7 connections with the two commons pre-linked.

So one 'side' of the switch takes the inputs from the pickups and takes them to the common output depending on switch position. The other half of the switch takes the common output and passes them to the connections running off to the tone pots. Obviously only two tone pots (not quite sure what Leo was thinking when he did the Strat), and on a Strat you'd traditionally have the mid and neck pickups with a tone control, the bridge without. It's only a question of swapping the connected tabs over if you want a different arrangement, and you can have two pickups sharing the same tone control.

If it were mine, I'd wire one tone for the humbucker and one for the mid and neck pickups. What would you like?