do you think this will be best of both worlds? i read it's good to add a resistor on the input that matches the one in the feedback loop for "offset current compensation"?
For audio you normally aren't too concerned about offset currents because audio eventually high-pass filters the DC somewhere along the way. If you are building circuits which amplify DC and you want the DC offsets to be stable then it's something that is of a major concern.
The NE5532 probably shouldn't be driving any lower than 600ohm. Since your output could feed 1K (R4) the feedback resistors probably shouldn't present below about 1.5k in order to keep the load above 600 ohms.
A hidden source of noise is the 1M input resistor R1 and the impedance of input source. The size of C1 has an impact as well. The NE5532 has a high input noise current so high input impedances contribute to noise. If the input source is a guitar then the input impedances isn't low so the sets a limit to how low the noise can go. All said and done there is often little gain using feedback resistors less than about 4.7k.
FWIW, there's a whole lot of finer points regarding bias current compensation. The correct way to do it is the DC impedance feeding each opamp input has the same resistance. The DC resistance to the opamp + input isn't just the series resistance R5, it is R1 + R5. So as you can see you should match 1M+100R on the opamp - input. That's going to be a lot of noise! If you *had* to do bias current compensation you would use 1M+100R on the opamp -input but put a cap across the feedback resistor so there is no noise for AC. However that would still be wrong. The other point is the DC resistance presented to the opamp - pin RV1 in parallel with R2. Anyway as you can see to do bias compensation correctly there's many details. For audio it's something to be aware of but you don't want to be compromising the noise or adding a whole lot of components to solve a problem that does't need to be solved.
But ahhh, there's still more. In your circuit the DC offset changes because the circuit has DC gain and that's going to cause a pop when you change between the two settings. The way around that would be a cap in series with RV1. You will also need to put a 1M resistor across the switch so RV1 doesn't completely switch out, it leaves a 1M DC path so the cap doesn't cause pop.
You should put a 2M2 resistor to ground on the input to stop pops when you plug in the input.