Help understanding basic offboard wiring diagram

[silverflame44]

Hey guys,

I have to say these forums are awesome!  I'm brand new to this whole stompbox scene (i honestly don't currently even own an electric guitar but i am looking for one right now) but i want to make a pedal anyway as a fun project!!!

So I've been doing a lot of research lately and I had a few questions.  I've decided to use this offboard layout:

http://www.generalguitargadgets.com/diagrams/switch_lo_3pdt_tb_dcjack.gif

First, I've been having trouble figuring out what is meant by "an LED that indicates bypass."  I'm not sure if that means that the LED will be on when the effect is working, or if it means it indicates that the effect is being bypassed (not being used).  And also does the above circuit turn it on when the effect is working? (Thats what I want)

second, if I wire it like the above circuit, will the power run from the DC source even without a 9 volt battery in place?

And my last question relates to using the stereo jack for the input and the mono jack for the output.  I had read somewhere on the forums that it could reduce noise or humming if output jack was used as the on/off switch (a stereo jack for the output and a mono for the input).  Do you guys know if that would be true?

I'm sorry theres so many questions!  I'm so excited to build this thing though!

Thanks,
Eric

[frequencycentral]

Does this help?