Shred: Yeah, dude.. You'll want to get a 3PDT stompswitch for that Tycho.
Oh, and blue LED will sound better than red LED.. Hehh.. Joking.. With a 3PDT switch, the LED should be fully out of the circuit and won't affect the effect..
The Millenium bypass switching works well but I find it too complicated to be worth the difference in stompswitch prices. I prefer sticking with the good ol' 3PDT switches..