Yes! - either way reduce the reisitor value or increasing the capacitor value gives the same result.
The treble bleed works just like the (passive) 'tone' control on your guitar. It rolls the top treble frequencies to ground, producing a mere dull sound.
The best way to trim the highs in the OD mode, is to use a trimmer. I've got a 1 meg trimmer with a 1 nf (=1000 pf) capacitor. I think mine is a third from the ground, giving a resistance of 330 Kohm (so I could just as well use a 470k trimmer). However, dont take my word for it (or anybody's word for that matter) use your ears!!!!. Also it depends on the guitar and speakers you are using.
By the way, I have read you latest posts and have followed your OTS journey and can see that your are close to Dumble heaven ;-)
Thanks Claus, good to hear from you!