Hey, I want to add this switch in place of a tone knob. Could anybody please take a look at the image and tell me if it would work?

Thanks a bunch
No it won't work, because the hot is always shorted to ground. Remove the ground and caps from the center pole of the switch. You only need a single pole switch.
You need the caps across the lugs, not jumpers like you have there. You also need a resistor in parallel with the caps. In addition, I would not use those cap values. I drew a little diagram up for you to get it wired properly, but the cap and resistor values are not optimal. You can use an R-C calculator to find some better ones, but these will probably be too subtle.

As Fly said, you can use a SPDT switch too, you don't need a DPDT.