That's a great idea.
I would have gone with stereo 3.5mm sockets. If you could find full switching 3.5mm sockets, you wire it switch off the internal mics when something is plugged in and eliminate the need for the toggle switches.
I think there should be a capacitor on the line inputs. Those feeds will have a DC bias for the electret mic elements. Without a cap, that DC is feeding straight into the line out of whatever he plugs in.