selectable baud rate

Ideally you should have some sort of basic state-machine.

int SerialSpeed;

void setup(){
  SerialSpeed = 0;
  Serial.begin(31250);
}

void loop()  
{
    if (switch is on && (SerialSpeed != 0))
      {
        Serial.begin(31250);
        SerialSpeed = 0;
      }else if(switch is off && (SerialSpeed != 1))
      {
          Serial.begin(57600);
          SerialSpeed = 1;
      }
 
your code...
}

Now you're only re-initializing the UART when you need to change speeds.