Ethernet Bluetooth Kill Switch

I’m just wondering how I could connect the orange wires from a signal from the Bluetooth reciever and cellphone just like a normal on/off switch.

A 5V relay module would act as a switch.

Should I be putting capacitors on the input and output of the voltage regulator? If so which kind? I plan on using this regulator.

Once you get the regulator you can look up the manufacturer's datasheet to see what they recommend for minimum and maximum input and output capacitors.