Quoted from Beatnik-Filmstar:
No problem, of course.
Will just transfer that small ceramic cap over when recapping. Does seem curious to me that there's so many pictures of these sound boards that have been recapped but appear to no longer have the extra little cap. Wonder what purpose it really serves. If removing it caused much of an issue I assume there's be warnings about moving it over.
It's about frequency response. They are both there to stabilize the power rail. The larger electrolytic cap responds better to low frequency changes, either in the supply voltage or from increases in current draw from the subject board. The ceramic cap is capable of smoothing high frequency changes, either in the supply (i.e. from noise or EMI), or from any chips on the sound board that may create spurious noise through transistors switching on and off. Putting a ceramic cap in parallel with an electrolytic cap is a sound practice in any power rail decoupling application and putting the ceramic capacitor back (or adding it if not there already) will only serve to improve things.