Al, Yes it works exactly the same way as it would on a Plexi or a Bassman, the input jacks are wired the same way on all of them, when they are jumpered you can use the two volume controls to blend the channels. It's a long time since I have tried it and I don't have a 5e3 here to try it on at the moment but from what I can remember it is quite subtle as there is not a great deal of difference between the two channels (the bright channel is only brighter at low volume settings, at higher volumes the channels are virtually identical).
There is some information on it here https://robrobinette.com/How_Fender_Input_Jacks_Work.htm About half way down the page there is a section on jumpering with some information on what the effects are.
There is some information on it here https://robrobinette.com/How_Fender_Input_Jacks_Work.htm About half way down the page there is a section on jumpering with some information on what the effects are.