There's a bunch of step-by-step wah mod tutorials out there. You could google
wah mods and study those diagrams/pictures/instructions, then you will probably be able to figure out which components to change on yours. I modded my Dunlop GCB-95 with good results.
I'm not familiar with the circuit used in the one you are buying. There's not a whole lot to these wah circuits from what I've seen. I think you should be able to see enough similarities between yours and the ones depicted in the tutorials to get some handle on where to start experimenting.
Maybe there is an article on your specific one out there.
The "true bypass" mod is a great one to do. Here are some articles you can check out:
**broken link removed**
http://www.diyguitarist.com/DIYStompboxes/WahTrueBypass.htm
**broken link removed**
http://www.geofex.com/Article_Folders/wahmod/wahmod.htm
Another thing you might consider trying is to ditch the stock board/circuit altogether and solder together your own circuit which you can drop into the wah shell. There are a lot of good circuit diagrams on sites like generalguitargadgets.com, tonepad.com, etc... for building classic and sought after wah circuits. The inductors are the only difficult, costly part to procure. Aron from diystompboxes.com sells some.
...just something to think about for later.
I know a lot of people buy these cheap wahs just for the shells - since that is the most difficult part to make yourself.