Yeah, that would work. You could also use a small trim pot inside the guitar so you still have the ability to fine tune the amount of cut that is switched on/off. I could see this being more useful than the pot in some cases. Switches are more quickly flicked than pots turned down and then back up to exactly how it was before. Bass cut for rhythm and either off or a different cap/resistor value for the neck. Hell, you could use a multi-pole switch and get all three, an unaffected setting and two others. At least it's dirt cheap even if you do use very high grade components, doesn't need batteries or introduce noise into your signal. Sometimes it's the simple, but fundamental circuits that are of the best use to us.