no, the capacitor is to eliminate the AC part of the LFO from that pin on the opamp, and to leave only the DC part in. if the AC isn't fully taken out at that point of the opamp, it won't nicely invert the signal, but just phase shift it slightly and you change the stereo effect.
you'll see that the filter breaks over at 0.03Hz, that translates to a wave of 33.333 seconds, this 33.333 sec wave is phase shifted 90 degrees. that means a pure sine of 3.333 seconds is fully flipped 180.
if you want to change the phase difference, you might want to change the 500k reisistor to a 500k potentiometer, so you can determine the phase offset between the two channels.
cheers, Iain