Yeah, the original Baxandall was an active tone stack, and the passive version as you would use in an amp is the James. Less insertion loss than a TMB stack, and you basically only control the bass and treble. The mids zoom right through ( minus the insertion loss ).
I suppose it might sound OK if the amp was designed around it as mentioned above.
A better idea if you want to mod a TMB style amp might be to install a tone stack lift switch, where you disconnect the mid pot from ground, essentially lifting the stack out of the circuit. Bogner did this on the Helios, but I can't remember what he called it.
I like this mod with an increased resistance to ground vs a complete lift. I've had success with anywhere from 15k - 27k inserted between the mid pot and ground. You can tune to taste.
This will give you a large mid and volume boost when engaged.