That is an interesting adaptation of the class-A Neve topology. Neither of the 10k pots are adjusting any gain, they’re trimming signals instead. And I don’t know why it uses dual-gang pots, because it appears only half of each is even connected, so a pair of single-gang 10k audios will do the same thing.
There are three levels of actual gain in this thing, 15dB apart each. At the lowest setting (about 40dB) there are only two stages engaged, and the first 10k pot is acting as a variable pad fed straight from the secondary of the input transformer. At the next level it is the same with the preamp stage adding approximately 15dB additional gain. At the highest level the first stage drops back 15dB and the third stage (a second preamp stage) comes into the picture cranking out about 30dB of gain. At this loudest setting the first pot becomes trims the level between the first and second preamp stages.
At all gains the second pot trims the level between the earlier stages and the output stage.
15dB is a huge step between settings – so big I would think this design awkward in actual use. When using this circuit you will definitely want to develop the habit of trimming back the input pot significantly before advancing to a higher gain setting. A 15dB jump in level can actually blow things up (like speakers and ears) depending on what you’ve got running through it, so trim that input knob back quite a bit before stepping up the gain.
This design is probably a compromise in the interest of space limitations and desire for low parts cost.
Yes, it’ll work, and true you don’t have to buy a 3-pole rotary switch for the gain. I don't really agree with their claim that "from an electronic point of view, the circuit remains identical to the original." This is most definitely not like an original, but perhaps I'm splitting hairs.
Despite the potential awkwardness of the gain arrangement this will probably sound nice.
If you build it please report back your thoughts on it.
Much peace,
JC