Mike,
I wanted to experiment with a BMP that had better tone controls and the Pyrocumulus was a perfect platform for that. Changing the diodes was an obvious choice. I tried Schottkys, but they didn't sound much different from the 1N4148s. I also tried varying the bias on the 2nd stage, but it didn't do anything useful IMHO.
LEDs vs the 1N4148 silicon diodes makes a significant difference in the sound. Less compression, fatter midrange. I didn't try different colors. My expectation is that there would be a volume change and not much of a tonal change going from red to green or blue.
I mounted the 2 capacitors on the pot because it was easy to do. They are supported by their leads. It's hard to see, but there is clear heatshrink covering the joint where the capacitors are soldered to one of the yellow wires and a larger piece of heatshrink tying the two yellow wires together. I could have put the caps on the vero board, but decided to go this way instead.