You need a Switchcraft 13B jack to replace the one in your bass and a Switchcraft 297 plug to replace the one on your cable (instrument side).
Wire what was is now wired to the hot tab of the current jack to the ring tab of the new 13B jack. Similarly, wire what is now wired to the sleeve tab of the current jack to the sleeve tab of the new 13B jack. The 2 remaining tabs on the 13B jack function as a sort of SPST switch and go to either side of the cap.
Next, remove the plug off of one end of your instrument cable. Wire the hot (center conductor) to the 297 plug's tip and ring. The ground braid goes to the sleeve of the 297.
That's it.
So, when you want to hear the bass with the cap bypassed, insert the plug half-way into the jack (the plug's tip will engage with the jack's ring). When you want to hear the bass stock (i.e., with the cap in-circuit), plug the TRS plug all the way into the jack.
Disadvantages: If you lose your special cable? You're messed up, as the bass in this configuration will not be amplifiable with off-the-shelf cables. Also, the plug will be sticking out of the jack in "cap bypass" mode and won't be as solidly engaged if it were inserted all the way into the jack.
Caveat: I am not familiar enough with the wiring on Rickenbacker basses, so I may be off here (I have not tried this, I'm having too much fun playing it!).
