LTV-847 for bypass switching

[patrick398]

I'm sure there are 1000 reasons why this is a bad idea but i've been messing around with the LTV-847 opto-isolator today, hooked up as a rudimentary bypass switch.
In my never ending quest for silent bypassing i wanted to see if there was a way i could get this working with a momentary switch.
It's passing clean and effected signal perfectly from what i can tell but at the moment i'm manually changing the connections so i need to find a way of alternately grounding a few pins.
Here's how i have it connected on the breadboard:



So LED 1 is always ON.
For bypass: LED 2 is ON and LED's 3 & 4 are OFF
For effect: LED 2 is OFF and LED's 3 & 4 are ON.

That means i need a way of alternating GND to pin 4 and pins 6 & 8. So when pin 4 is grounded 6 & 8 are floating and vice versa. And it needs to be done with a momentary switch.

Are there any problems inherent with what i'm trying to do here?