The by pass mod changes the position of the rod connected to the buterfly valve in the supercharger in the valve out side the super charger. Moving it changes how much air can get threw the valve at part throttle. There is no point to do it because,
1. It increases boost at part throttle thus leaning the car out creating kr
2. These ares make enough torque with out getting boost sooner, no need to waste more tires.
Now it would be worth while if you had a tuner and could adjust the fueling accordingly and get it set how you want it. It wont make a big difference, but it could help get your launch dialed in a little better.