As stated, the OMG mode is used when the G&L Humbucker is placed in Series. A cap is place in parallel with one of the coils which eliminates the humbucking nature of the two coils. In the L-1000 bases, the Green-Yellow coil is toward the neck and the Black-White coil is nearest the bridge. In series OMG mode, the Green-Yellow coil has a 0.1uF capacitor placed in parallel with it. This sucks all the highs from the Green-Yellow coil. The Black-White coil has both the 0.1uF capacitor and the Green-Yellow coil in series with it which allows it to basically pass its full spectrum. It's a noticeable bass boost response. It can be boomy. But it can work with the G&L passive bass cut and the version 2 preamp which tends to boost treble.
G&L stopped doing the OMG caps in the early 2000's. There were a lot of reported noise issues which were partly due to the OMG caps. The older G&L pups had a tendency to pick up noise anyway. And the OMG caps in a two pickup bass were actually hum adding with both pups selected. You can mod those older two pickup OMG basses with 1 wire switch that makes the two pickup / 4 coil configuration hum cancelling again. I am surprised that G&L manufactured a hum adding configuration for 20+ years that has such an easy fix.
Modern G&L basses provide a grounding point for the 2 coil, 4-wire pickups which is also connected to the pup's green wire. In my limited experience with the newer G&L pups, they are quieter. Both of my import G&Ls from recent years had grounded pickups and a shielded electronics and pickup cavity. If doing wiring mods on those basses, the green wire must stay connected to "ground". In the older basses, the green wire going to the coil was floating like the other three wires.