With respect to the idea that we're correcting the phono EQ - yes, that's right, but only up to a point. The Bass control has way too much bass available AFAIC and it's too low AFAIC and all of that is tru whether you are using the phono input or the line input. The difference is that it's not as bad with the line input, that's all. So I'm concerned about the bass across the board, not just in the phone preamp.
Gotcha. Yeah, reducing the size of both caps connected to the bass control by equal ratios is the way to raise the point where the bass control is effective.
But unless you're using the line channel, once you get close the inherent EQ of the phono channel will be misleading.
The B-15 schematic Sluckey posted used 0.01µF and 0.0001µF. I'd consider those your starting point, and you may reduce from there.
Since no one's likely to be collecting a Regency, or you're willing to mod anyway, why not simplfy the wiring a la JCM800? Set up a 1/4" jack that feeds your "line channel". Make it a switching type, like you'd normally use for an input jack, but don't connect the switched lug to ground.
Set up a second 1/4" switching jack, which
does have its switched lug connecting to the ground lug. This will feed your phono channel. Output of the coupling cap for the 2nd stage of the phono channel gets connected to the "Line channel" input jack switched lug.
This arrange avoids the switch, gives line-channel gain when you plug into the "low" jack, and full gain when plugging into the phono jack. There is probably a more specialized jack you could use for the line channel, to be certain no noise exists when nothing is plugged in the amp. However, you'll either be playing through the phono channel (noise from unused line channel not an issue) or the line channel (jack in use, noise not an issue).