I'm also confused on how you would use this, but to answer your question...
stefaniw527 wrote:
Is it a simple matter of component substitution to convert the High frequency channel to a second Mid channel?
Yes. It is a matter of changing ONE capacitor!
Like P said, no they will not modify the kit, but you can buy alternate parts in the parts store.
Also - you might find the fet preamp to be really useful as well. If you clip out the input pulldown resistor, it has an insanely high input impedance, has a bunch of gain on tap, and works great with transducer pickups. The 2-band EQ is also surprisingly powerful; it boosts mids when the bass & treble are turned down, and scoops mids when the bass & treble are cranked. There is no control over specific notches though. But I've had really good luck with it as a tool to get passive acoustic guitars, mandolins, fiddles, and standup bass into the PA with a decent signal.