OK, a switch with tone caps isn't really a Varitone, which is a midrange filter. The tone switch wires up like a regular tone control. The caps are all grounded on one end, and the other goes to the switch, which has it's wiper connected to hot. You wire a cap to each position, and leave the first one empty for a bypass.
The Black Ice says it needs pickups 10K or hotter. You are paying $30 for a diode in a blob of epoxy. It would cheap to buy a diode and try it out. I've put one of these in a couple of guitars back in the 70's. It worked great in the guitar that had a preamp. In the passive guitar it got a mild farty type tone. But try it, you might like it.
You wire the diode between the hot and ground, like a tone cap. You can either use a switch or a pot. If you use a pot it should be 500K or more.