According to the description, it'll do exactly what you want. For instance, save a short slapback delay if you wanted with the favorite switch....then have el cap set for longer delays if you wanted...just use favorite switch to toggle between the two settings.
I have one on order from a local electronist... I could have done it myself but I have no tools for making the enclosure. It'll be 1/4 the price of the Strymon one, basically a stereo jack, a switch, a resistor and a led.
That's practically what Sandman said, 2 pedals in 1.