It is true that you can bypass using CC messages, but unfortunately it's the only way to do it and it's not th e best way it could be done. CC messages are best for switching specific events, such as toggling an individual effect in and out, while program changes effect all MIDI componentsat once with the touch of one button. If you want to include bypassing the your eventide with that program change and forgo having to hit multiple buttons, you're out of luck… until they update the software to allow that somehow.
I've suggested in other threads that a BYPASS option should be added to the MIDI Map Menu. That would solve things for us MIDI freaks.