The switches are a mini three-way toggle for the pups plus a two-way mini toggle for series/parallel pups (or some midboost, what do I know about stuff like that!). Vol, bass and treble knobs. (Not 2 x vol for the two pups as one might think plus master tone.)
I guess it was the bass for people who wanted a two pup bass and perhaps one with the neck pup upfront, but sans battery. (Unlike the RD Artist's active electronics, the Victroy Artist's active electronics have held up well, it's an aggressive, early Stingray'ish type pf sound, not as hifi as the RDs.) And the passive Custom sounds a bit more refined than a one-pup Standard would, due to the pup of the Standard being wound more to P Bass mode and placed in the middle.
Of course, the tort guard on this specimen visually reinforces what the Victory Custom was in fact aiming to be all along: A new Jazz Bass, only better. It fell between the crevice of the passive single pup Standard and the active dual pup Artist though, sold in small quantities and had the shortest production span (came in late and left early). I am not aware that Gibson (unlike with the other two) ever even advertised it. Took me a while to find mine in fact.