It might affect the tone a slight bit on 10 but probably not enough to notice a difference.
I've always wondered why that mod sounds so weird when turning down - there must be a better mod out there, or maybe the measurement of the cap and resistor are too extreme. It sounds to me like the guitar gets shrill and thin when turning down. It's better to use a short cable anyway - that solves the problem and also makes the guitar sound bigger than using a long cable.
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