There is not a way built into the Bose EQ to set it to Bypass. The assumption is that the EQ is installed in a tape or processor loop built into the amp in order to switch it in or out of the audio chain.
The EQ has no on/off switch. If you pull the plug on it with the Pre Out/Power amp In configuration, there will be no processing of the source signal through the Out/In loop.
@Kirk57: The Normal/Monitor switch was provided so that when the EQ was inserted into a Tape Out/Monitor loop, that specific function was not lost. That is, the loop itself is preserved through that set of jacks on the back of the EQ again so that it could still be used. BTW, the most common use for the Tape Out/In loops was for cassette or open reel tape decks used for recording off the FM or from an LP in the 'old-school' days.
@Crazy-in-az: What's the amp being used here?
Cheers,
David