[BrendaAnnD]

That cap is your parasitic oscillation supressor cap. Seeing as the tone control is also across the same points, a .06 seems quite high, and would affect the high end frequency response. My gut tells me that the .06 is a typo, but others here may be more familiar with the circuit.

Still in all, good idea to replace the Micamold, since it's just another paper cap in disguise.