Not surprised why there was no signal as I found a wire broken between tone and volume pots which may have possibly been part of the grounding loop too.
Looked everywhere for basic P Bass wiring diagrams and there are S@#$loads of mods on the net but so hard to find the simple original and ended up using about 4 different ones pinching a bit from here and there and also referencing back to the parts being replaced in this guitar as that proved to be the best way to go after discovering an earthing problem on the volume knob after first attempt.
Corrosion was evident all over the old parts and the original wires were so thin I had to scrap them all except for wires coming from PUP's. Kept the Earth wire too as it was much thicker than the rest. First tricky bit was doing the stereo jack and after studying it for a couple of minutes eventually figured out which posts to use. Would have used Mono if I had a suitable spare but makes no difference in the end.
Here are some shots after completing and testing the circuit for a signal.
Plugged it in and sounds good for a budget end axe. Hard to recall what it sounded like before but at least it works now with no buzzing or earth shorting sounds. At least the tone knob now makes a difference whereas before it was permanently on 10.