Info from Dave about his the newer 2 channel version which does have an altered EQ but still covers most bases about the original:
The Tone Pump EQ has a beautiful transparent presentation by which it takes on the characteristics of your guitar and amp without changing their tonal balance. The Tone Pump's gain structure allows flexibility by using two foot switches and separate volume and sustain (pump) controls for each channel.
Precision matched components-using proprietary specifications to ensure symmetrical clipping and reduced intermodulation distortion. Complex chords are heard with total definition and clarity at any level of overdrive.
True bypass switching with led indicator- this is achieved by using a high grade switch, and solid 20 gauge copper hookup wire is used between the jacks and switching to create a transparent bypass.
Two levels of overdrive- for distorted rhythm and a second mode for sustaining and thickening lead work.
Tonal balanced-The most important thing about the Tone Pump EQ is, your tonal balance of your guitar and amp are maintained. There is no funny midrange hump or loss of bottom end to SPOIL the sound of your guitar and amp that you have so carefully chosen.
New EQ controls- This great new set of features allows the user to use the new "deep clear" external bass control to properly match the bass response of the Tone Pump EQ to their guitar and amp, this eliminates any low end loss. With the addition of the new presence and midrange controls virtually any tonal response can be achieved, including mids that are reduced, flat or forward, you make the call!...a tweakers dream.
Volume knob response circuitry-numerous shades and textures at your fingertips just by adjusting your volume knob.
Barber adjustable phono style recovery stage- Most of Barber's op-amp based overdrive pedals use a cool old style phonograph circuit to recover the frequencies lost in the overdrive stage, this worked great for vinyl and now works great for guitar overdrive!
It should be quite easy to make a 2 channel version if you want, using a second stomp to switch between two separate Drive and Volume controls if someone wants an 8 knobber.