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.