The filter is a different control than the bass+treble controls that would be on a standard Epic.
The filter is a low-pass filter, which means it is somewhat similar to a passive tone control, in that it cuts the high frequencies. With a passive tone pot you control the drop-off rate from a fixed cut-off frequency, but with the Alembic filter you control the cut-off frequency where the drop-off rate is fixed. This also produces a small natural accent at the cut-off frequency. It allows you to tune the filter to voice your tone, rather than just muffle your tone.
On most Alembic filters without a Q switch the circuit boosts that natural accent at the cut-off frequency up to 8 dB, which you may or may not like - personally, I find 3 or 6 dB adds a nice ring, but 8 dB is too much (which probably means it's great if you're fighting to be heard against a guitarist with a very loud stack). Adding a Q switch is inexpensive, and would add a lot of flexibility.
Nice top on that Tele! I would suggest covering the inside of the cavity with shielding paint to make it dead silent.