The circuit detail presented is a gyrator filter that is one of two that hang out in the feedback loop of an opamp, creating a "low" and "high" tone control for audio. (The "low" section is shown) I'd like to have two available boost/cut frequencies for each control, though. It's easy enough to switch an extra set of paralleled caps as shown and breadboard tests are so far successful, but I've never seen it done this way. Is there a demon lurking in the floating capacitors?
And does it really matter which "side" of the caps the switch is on?
and here is where i found my example in it's natural habitat: http://electricdruid.net/wp-content/uploads/2016/01/Boss-MT-2-Metal-Zone-Schematic.pdf
I know, I know, it's a guitar stompbox...but just in case it helps to see the "low" and "high" tone section in some sort of context. In this schematic, the "low" section is built around an opamp, whereas my example circuit above shows a BJT as the active. I did this to draw the example faster.