Honestly with a chassis plug and the dodgy half power BS removed, it really hasn’t affected value at all. It looks really clean.
A smaller presence cap shifts the shunt RC cutoff frequency higher, meaning the highs it targets are much higher. It’s basically making a low pass filter more like a band pass filter. But since this is in the negative feedback path, the majority of frequencies are mellowed out at the phase inverter. At the cutoff frequency or higher, signals are shunted to ground, eliminating them from negative feedback, not cancelling them at the phase inverter. Meaning they’re more “present” at the output.
It’s basically a way of making a Marshall less harsh by neutering the presence pot. Realistically you could just increase the negative feedback to kill more highs with a stock capacitor, but you also kill gain in the process. It’s all a balance.
Presence pot not being stock is easy to chance back and not as severe hit on value as that half baked switch design.