This exactly replaces the function of a 5-way blade switch and replicates it with a rotary switch. This allows you to stick your 5 way switch anywhere on a typical pickguard. These have a short shaft so are for use on pickguards, not for rear-mounted wood tops.
As you can see these have solder lugs designed for circuit board mounting- but I've had no problem clipping the ends off and soldering my wires normally.
These have a standard coarse spline split shaft- ALL of our Strat/Tele style knobs and our chicken head knobs work on these fine.