As I understand the reverb circuit, it should make NO difference in the volume of the amp whether you have the bypass cap on the 12AT7 .
It will make a difference in the amount of reverb but not the volume of the amp. The reverb is essentially parallel to the signal chain and NOT in series with it. The 220k mixing resistor with 330k off the 1M reverb pot isolates the reverb well and parallels it with the dry signal. So the reverb circuit simply adds or lessens reverb but doesn't impact the amp volume. IF yours is impacting the amp volume, then I think you have something wired incorrectly.
OR I am misunderstanding what you are saying????
The dwell pot is an essential in my thinking & experience. Even with the one tube reverb design, I usually have the dwell on 5-7 with the reverb pot on 3-4. The rare times that I did not use a dwell pot, I would use a 560k to 680k resistor and not a 1M resistor.
You don't need relays for the reverb circuit. In fact, I would NOT use a relay. Simply short to ground the reverb if you need it off like in a typical Fender reverb design.
with respect, Tubenit
OK cool...you are definitiely understanding what I'm saying...
I never thought that I might have mis-wired something

I did think about dropping that 1M value grid-leak value,,,but opted out because I dropped the bypass cap.
I committed to the reverb on a relay function, but can still back out if it doesn't work out....it doesn't seem to have an adverse effect on the operation,,,but could be contributing to noise/ hiss / etc.
Here's the build thread if you're curious....I guess if I'm gonna eliminate the relay for the reverb, now is the time,,,before I wire up the footswitch receptacle....
http://el34world.com/Forum/index.php?topic=17872.0The goal is to have a single foot board with three switches on it.
-Clean/ od
-Reverb on/ off
-FX on/ off
If I get rid of the relay switching for the reverb, I'll have to change the way I wire the receptacle, and the pedal, and the wire I use.
But I'm OK with that if it has to be.
I'll see if I can tweak it to useable before I retreat.

Thanks for your time and help!