For those of you who have an older version of the ParaEq, here's a mod that you can do if you prefer the Boost LED to be OFF when bypassed.

Here's what you'll need:

(you will also need solder, preferably some flux and a soldering iron)

Remove the back plate from the enclosure and desolder the GND wire from the switch.

(This is the boost switch, it's located on the right side when flipped over.)

Remove the GND wire completely and

attach your wire to the top middle lead on the switch

Attach the other end of the wire to the same lead on the bypass switch 

(Located on the left side when flipped over.)

It should look something like this.  Make sure you do remove the GND wire completely.

(See it just dangling there on the right?) 

Otherwise, it could short something and that would be oh so bad.

There ya go, now your boost LED will only be lit when the pedal is active.  Good work!

We prefer to have the boost LED on so that you know if the boost will be active when you engage the Eq but if you don't like that, try this mod out.  

It will not void your warranty.

Thank you to Joe Street for recommending this method!