4 way switch gives one extra setting which is more powerfully and a little darker. Fender guitars are traditionally wired so that two pickups that are in use at the same time are in standard parallel pattern. The extra position makes the two pickups act like a humbucker by having the wiring in series. Like the two picks are a humbucker but they separated by a small distance.
True Custom Shop half bridge with compensated saddles
The body description:
The finish it has is a handful of light coats of satin poly. I think you could smooth it a bit with very fine sandpaper, if used gently? It will dull down from that, I use minwax wipe on poly, warm satin.
I sanded with pretty fine grit sandpaper to smooth it out. You feel the grain. Lovely to touch.