Hmmm, so it's a wet-blend knob for a parallel effects loop that also happens to modify the EQ when nothing is plugged into the effects loop. Interesting.
No (well, yes... it would control the mix but no, it would most certainly not affect EQ). While that may be what you perceive, I can assure you no audio EE would ever design a circuit like that. What's probably happening is that the effects send is normalled to the return. My best guess is that the effects send is after the input buffer or input gain stage and the return is post whatever electronics are responsible for producing rolloff below 100 Hz that Ken has referred to numerous times in this thread. If this is the case then increasing the mix would bypass that circuit in the signal flow sending a flat signal to the power amp input.
This may or may not be the case (as I said, I'm guessing). This could be easily confirmed by looking at the schematics. I guess some models included the schematics on the inside of the amp (I've found at least one such schematic for one of the minis). If such a document exists for the Electroacoustic model it should be fairly easy to figure out what's going on. I'm pretty certain that it's nothing unique or magic though.
Cheers, Joe