Thought I'd revive an old thread. Nice discussion.
I'm currently building a bassman-type circuit, but cramming it into a smaller chassis. Turning the standby switch into something multi-functional is just what I was needing. I was thinking about adding a sag option. See the attached pic. Should work ok, I hope.
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Looks OK to me. I think I used a 500 ohm resistor. The voltage only varied about 2-3 volts with the bias varying about 2-3 ma between one and the other. No problems at all so far. My main caps were on the other side of the switch (theres a whole thread pro/con on that topic ) but I wager it doesn't matter one way or the other as long as the caps can handle the increased voltage when the switch is on standby.