Ha! Now I can get on with my St. Anger cover band 
Now all I need is a "Trash Can Lid" snare effect, and I'm all set.
EDIT: I listened to the video, and I get it now. The "Rip" knob sets the bias, which explains the gating effect. And the tone is a "tilt" tone, which was a bit of a failed experiment in Hi-Fi world, but it works for pedals? Hmmm...
https://www.edn.com/implement-an-audio-frequency-tilt-equalizer-filter/
I think the effect might sound better if there were also a control to blend in with the clean signal. After all, that's why folks were slashing speakers; to get a distorted sound out of the clean amps of the time. But I'm not a big pedal company, so...

Now all I need is a "Trash Can Lid" snare effect, and I'm all set.

EDIT: I listened to the video, and I get it now. The "Rip" knob sets the bias, which explains the gating effect. And the tone is a "tilt" tone, which was a bit of a failed experiment in Hi-Fi world, but it works for pedals? Hmmm...
https://www.edn.com/implement-an-audio-frequency-tilt-equalizer-filter/
I think the effect might sound better if there were also a control to blend in with the clean signal. After all, that's why folks were slashing speakers; to get a distorted sound out of the clean amps of the time. But I'm not a big pedal company, so...