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Ohmmeter confirms chassis ground continuity. Taped the loose end and tested: no hum.
That said, this unit actually attenuates the signal until the Level knob is nearly full clockwise, and the Q and Frequency adjustments do next to nothing. I don't feel like troubleshooting someone else's build, so it's going back to the seller.
Thanks for the responses.

I just purchased a completed Canned Yam bass preamp off ebay, and it showed up with a dangling ground wire. In the photo, it is the black wire just kind of laying against the output jack on the right, near the yellow signal wire.
It looks like it should be soldered to the ground tab of the output jack (which has no solder on it), but the seller says that doing so will cause ground loops and hum. I'd rather have a working pedal instead of sending it back to the seller as DOA for a loose wire. Suggestions?