The floating input coil just means that the input coil in the tank input transformer doesn't connect to your circuit ground (like we usually do). The input coil forms part of the feedback loop for the op amp. If you ground the input coil, it destroys the feedback loop and the op amp goes wild. Reply #10, second paragraph gives two options for connecting the cable. On the above attached schematic, the junction of R46 (4.7K ohms) and R45 (47 ohms) is where you can connect the shield with a single conductor and shield cable.
The op amp feedback loop consists of a parallel RL circuit (R46 and the reverb tank input coil) in series with a resistor (R45). The ratio of the impedance of the RL circuit to the resistance of R45 determines the voltage gain of the op amp. The impedance of the input coil (L) increases as the frequency increases and so does the voltage gain of the op amp because the ratio of the RL circuit to R45 increases.
If the voltage and impedance in the Ohm's Law equation increase the same amount, then the current remains constant. Therefore, when the impedance of L is small compared to R46, the current through the input coil doesn't change very much with frequency, which is what we want with reverb drivers.
When the frequency gets high enough that the impedance of the RL circuit is significantly affected by R46, the current through the input coil begins to significantly decrease, which is also what we want. R46 also puts an upper limit on the voltage gain so that the op amp is not pushed into clipping at higher frequencies.