Obviously a bug.
But swapping the neck with the bridge PU and changing the models for the PUs solved it for me. Now that axe is fully working. Seems more like a solution than a workaround.
As the expression pedal needs a potemtiometer from 0 to 10k, you can build a switch which bypasses on one position. On the other it has a 10k resistor.
_____10k___
°------------X___________|---------°
Hi starkjo, loosing the last state of a preset is a bug of the timeline, which is fixed now.
Try the new beta firmware (1.43) for the timeline. If you switch to a other program the timeline will remember the last bypass/on state.