Ok, so mechanically all should be connected and soldered properly, but for some reason I’m not getting anything but farting noises out of the effect signal. The clean, bypassed signal sounds great (at least the footswitch and status LED seems to be working :) ).
Given the simplicity of the circuit that leaves only two suspects.
Either the diode is fried, or the transistor has given up its ghost.
Thus, today I removed the diode and tested it with the multimeter, only to confirm that there was no problems with it. I tested a new one and soldered it into the circuit, confirming that there are no shorts.
So, back to square 2. Tomorrow I will test the transistor as well. If you have any tips on how to remove a soldered in transistor please share :)