My ampeg preamp sounds awesome with the ultra low engaged but not so much so disengaged -
the amp sounds pretty knarly and grainy thin instead of having any balls left at all.
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I am stuck understanding the finction of the switch effecting the signal bath between R7/C3 and P1.
Switch 1A is but one pole of Switch 1. The SVT 2 Pro schematic in Hoffman's library didn't match your fragment, so it would be helpful to see what else is being switched. SW1A is also a double-throw switch. Let's look further...
The lower of the three circles is the switch contact, and it alternates between the upper two circles depending on switch setting. As drawn in your schematic, C3 is being connected to P1, so the Ultra Low circuit is being bypassed. This setting probably corresponds to the sound you don't like.
If the switch is thrown the other way, the Ultra Low circuit is brought into play. This circuit is a
Twin-T Notch Filter, and is made up of R11, R12, C4 (T #1), and C5, C6, R10 (T #2).
In theory, a Twin-T filter can achieve infinite rejection of a single frequency. Reality is that unless the resistors and caps are very carefully matched (and usually require trimming caps, etc), the cut at the center frequency won't be infinite and the sides of the notch have a somewhat shallower angle. If you're used to parametric eq terms, the real circuit doesn't have as high a Q as the theoretical circuit.
Ampeg went a step further; to exactly match the Twin-T topology, C4 should be twice the value of C5 and C6. Ampeg used the same value for all three, which widens the notch a bit. Plugging the values into a calculator for this circuit, the center of the notch is around 590Hz and has some slight roll-off all the way down to 10Hz. 600Hz would be basically your treble when playing bass, so activating the Ultra Low circuit is really chopping out the treble.
However, we still don't know what other element is being switched when SW1A is thrown. Look over the schematic for any other "SW1_" designators (like SW1B). That will tell you what else is being switched when you manipulate the Ultra Low switch.