Power cord conversion

[SoulFetish]

but now what if that cap shorts!?! That's why they call it a death cap.

Not IF, but WHEN. They will fail at some point, as they are completely unsuitable for line to earth applications. Any capacitor used Line to Earth needs to conform to Class Y1/Y2 safty standards. These must pass stringent testing to insure that any failure likely caused by transient over-voltages, will cause the capacitor to fail as an open-circuit.
Chuck, to illustrate your point that it is rightly called the "death" cap:

My friends, that capacitor just coupled those chassis bolts to your guitar strings and you are now sitting at one end of 120/240VAC. In a 2-prong amp, you will likely have no idea whether or not your at the wrong end of it until it is too late.

[Chuck H]

I've never seen a film cap "vomit" before. Impressive!

[Leo_Gnardo]

I've never seen a film cap "vomit" before. Impressive!

Inside that series of old Ampegs they do it all the time. If you have the cover off the chassis when you power up, the cap can go zooming across the workbench like a little 4th of July rocket, leaving a trail of sparks and a spiral of charged foil in its wake. Spectacular! and potentially lethal. I've learned to snip out those white cylinders on sight, don't invite disaster.

[bsco]

Ok. Ripped out the cap and the ON/OFF/ON Polarity switch.......... installed a 3 prong cord, SPDT heavy duty ON/OFF switch......and removed that death cap.....Checked it out and now there is .005VAC from the chassis to any 3rd prong in any power bar that I have hooked up around my bench....before that I had full line voltage between these two points.....also checked the resistance between the two AC pins of the power cord to chassis ground.....infinite......so looks like it is good to go....Thanks for all the advice.....
Cheers