Actually it is neither. On IC 2.1 pin 1 is the output, you have the AC audio signal and the difference of the DC voltages on pins 2 and 3. The DC voltage should be about 4.5 volts, the AC voltage will depend on a few things, input to circuit volts, gain settings and the likes actual value not to important, just that its there. C16 is a coupling capacitor, it allows the AC audio signal from IC2.1 to pass through to the output but prevents the DC voltage from pin 1 to pass to output. With out this cap you would hear a constant hum on the output, it would make the effect non usable. R14 is part of the tone circuit forming a high pass filter with C13 and the bass pot( R12 and R15 also). When pot is fully CCW, its going to cut the freq below about 500 Hz from the circuit. When pot is fully CW the cut freq is dropped to about 170Hz.