That's what John's shematic show no ?
It's not quite the same. John shows a SPDT switch and I show a SPST switch. A subtle difference that accomplishes the same function.
I agree with you and Gabriel... I would not want a limiter bypass switch. Once you put a bypass switch on it, you introduce the possibility of having the switch in the wrong position at the wrong time. KISS factor. A switch that bypasses the amp and puts the light bulb at full brightness would be more useful IMO. This would allow you to set a reference in your mind about how bright the bulb will be at full brightness (dead short amp).
This workbench gadget is a one trick pony. It allows you to connect a light bulb in SERIES with your amp. It will allow you to determine if your amp is drawing excessive current due to a shorted PT or filter caps, etc., without blowing fuses or smoking valuable components such as a PT. A dead short on the primary side of the PT will cause the bulb to glow at full brightness. Partial shorts or a short on the secondary side of the PT will show some increased level of brightness. A properly working amp will cause the bulb to glow fairly bright when first turned on, but will fade to a dimmer glow as the amp warms up.
Once you have confidence that there is no high current drain from your amp, you should remove this gadget. It has served it's purpose.
Here's a pic of the SPST bypass switch. Again, I don't recommend this switch...