I would go with the label "Speed Select"
One turn of the knob and any questions one might have about the knob's function will disappear.

This last weekend I was "playing" with the LFO on the breadboard while viewing the changes on my scope and taking voltage measurements with a DMM.
I tried including R25, C12 with R34 value 2.2M. (1482)
I then changed R34 to 6.8M.
Then removed R25 and C12...leaving R34 value 6.8M. (Model 7)
I found that the LFO in the 1482 configuration had a slightly higher amplitude at pin 7 of IC3.
Now let's get into some details.
With R25 and C12 in place, and R34 6.8M you will have less phasing because the LFO will have a lower amplitude....why??? because R21 (100K) and the R25, C12 combo make up a voltage divider.
With R34 at 2.2M...the gain is increased at IC3....so...it works.
When Foxx removed the R25, C 12 combo...they decreased the gain with the 6.8M
Now there has to be a reason why Foxx did this. Maybe the original component values were causing an issue with the upper end of the LFO slamming into the top rail of the IC, or causing distortion with a hotter signal. I'm not sure but...they were so adamant about changing the circuit that they sourced a not so common 6.8M as the only carbon comp resistor in the build.
If you remove the R25, C12 combo, and replace R34 with a 6.8M....you are probably going to have stronger phasing than you have now with the voltage divider and the 4.7M that you went with.