I don't think you'll have grounding issues, but what you'll lose is hum cancelling with both pickups on - if the pickups are a reverse-wound/reverse-polarity set like Jazz Bass pickups normally are, then they will only cancel hum when it's set up in mono out.
I can't point you to a schematic, but the philosophy of the wiring is simple. You need a dual ganged (two separate pots on the same shaft) volume pot as the master volume. The output of each pickup goes to each section of the master volume. The output (center wiper) of the master volume goes to two output jacks for stereo operation. Between the master volume and output jacks there's a stereo/mono switch which basically can divert one pickups output into the other jack. When you flip the switch one way, you'll get the two independent signals on each output jack; in the other position, one of the jacks will have the paralleled mono output (the other jack will still be the other pickup). If you want to flip the mono switch and have mono on both output or kill one of the outputs when in mono, you'll need a more complicated setup.
If you're really running independent output to different amps or amp channels, then you'll probably want individual volumes for each pickup. These individual volumes would come between the pickup and master volume pot. If you're using two amps, these indiv volumes would let you control the levels of the two amps from the bass.
This will all work with a passive bass, but you may get odd effects on the tone as you turn levels up and down. Active basses wouldn't have this problem.
David Fung