Makes sense to me! Also caps are cheap and easy to swap.
As to the switch on the back. I am sure it could be done with a sliding switch. On one of my first mods I did it with micro-switches on a G&L bass. On some basses G&L adds what players call an OMG cap that makes the pickup sound really boomy. Some people really like it, others don't. I didn't want to mess up the front of the bass, but I wanted to be able to turn them on and off. So I put the switches in an unused part of the control cavity, and recessed them so they couldn't be flipped accidentally. It worked like a charm, and is great for a setting that you want to be able to adjust, but that you don't need to adjust while you are playing.
Not very pretty, but I figured it was on the back ;-)