Is there any reason why this wouldn't work? It's a DPDT switch.

I realize there may be some leakage current from the diode, but it wouldn't be significant would it? I guess it wouldn't be "true" bypass, but would it work nearly as well?
MG Free At Last
I forgot to include a current limiting resistor in series with the LED.
MG Free At Last
It would be better than none
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that would be a tone sucking bypass, the best solution would be to do away with all of the components outside the fx circuit and use one half of your dpdt at each end, this would be true bypass with no LED, for true bypass with an LED you would need to either use a 3pdt or look at http://www.geofex.com at the millenium bypass 1 and 2 in the projects section.

"You're a MESS!"
Well, it's not true bypass...
And on top of that, that diode on the output would only let half the signal through.
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I'm a retired Supermod off to the greener pastures of the real world.