Hey guys... Been swamped with a project and haven't visited in days.
terryc already responded on the jack plate question. The shield in the cable is connected to the sleeve connector of a phone plug (the big connector that comprises most of the plug length). The center conductor is treated as the hot signal line and is connected to the tip portion of the phone plug. The threaded barrel portion of your output jack (the part where the locknut holds it in place) is normally grounded, so the jack plate would be too.
However, I don't think it's good practice to use the jack plate as ground. You wouldn't use one on a guitar, but there are plastic bodied output jacks (cheap ones) that may not even have a metal barrel and might not automatically ground the jack plate. Even if the barrel is metal and grounded, if your output jack becomes loose (and who hasn't had this happen?) then you'll lose your grounding.
The right way to do this is to attach a wire to the ground lug of the output jack and run that to a central location in the control cavity that can provide a ground for everything in the instrument. On most traditional guitars, there's a wire from the jack ground lug that's soldered to the back of one of the pots. Wires from the other ground points on the guitar (which would include the bridge and internal shielding) also run to that point. In theory you can chain grounds together and it should work, but it will be more reliable if they all come to one point. If you want to have a fancy ground setup, you put a threaded insert into the wood in your control cavity, put ring lugs on the wires that run to ground and screw them all together using a machine screw into the insert.
Using foil or conductive paint shielding in the pickup cavities blocks interference coming behind you, and will help keep your guitar quiet. If you doing shielding anywhere in the body, you need to have a quality, low-resistance electrical connection between the shielding and the ground. The way that this is typically done is that you cement a piece of copper foil into the cavity, then paint over it with the conductive paint or touch it with the copper foil. You scrape the paint off of part of the foil, then solder a wire to the foil. The other end goes to the normal ground point.
You want all parts of your grounding system to be well connected electrically. Remember that your electrical ground is the same signal as your signal ground. If there's a poor quality connection anywhere in the ground connections, that looks like a resistor was inserted inline in your signal. That can reduce your output level and affect your tone. Proper shielding should have no affect on your guitar tone, just on the noise. But if you have a cold solder joint or other poor connection, you can easily end up losing treble.
When I was in junior high, I had a Fender Bassman tube amp and my guitarist had some similar setup. We'd practice in a basement, so we had all the elements of doom - good ground on the basement floor, 2-prong plugs, two amps which had polarity death switches, and a little PA. You'd kind of play a while until you got shocked, then you'd flip your polarity switch and play until you got shocked on something else. I guess we were too dumb to use a continuity checker. In Europe with 220v, I think this is a lot more serious than a tingle.
Good luck with your project. Write again if this doesn't make sense. I'm still in the thick of my project, but will find time to visit again.
David Fung