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I haven't tested it but it should work. I just combined the momentary on and momentary off schematics into one super slick arcade button to rule them all. when in momentary on mode, you basically have a latching killswitch so you can mute the guitar while plugging in cables. it does everything. I have a bunch of these high quality arcade buttons that I need to get rid of so this was really born out of being poor and creative. I found the DPDT on tayda for $0.85 if anyone wants to try this on the cheap.
I'm using this Sanwa OBSF-30 you can just bend the metal lugs out to the side and you should have enough clearance for any guitar. if you want a graphic on the button, you can get seimitsu clear buttons. they come apart so you can put a piece of paper with your own graphic under the clear button. a little harder to install since its a screw on not a drop in.
I used to do it with a SPDT toggle with center off, and one side momentary. Works really well, but there were times I wish I had a button. This looks like a perfect setup.
Although, I think you could do the same thing with just a SPST toggle and the pushbutton. Just put them in parallel, wired up the same way.
SPST wired in parallel with the arcade button would just give you a kill switch with a momentary button to give you momentary on sounds. this is much better since you get momentary kill and killswitch with momentary on. the DPDT is $0.85 no excuses. if you want a super simple arcade button with no switch, just wire the arcade button to ground out the signal. I have been all over these schematics. its good to know all the different ones so you can get one that suits you and your guitar.