do you mean all FX in the "Track" or all FX in the project.
When i was using Vegas, there was a way to completely bypass all effects in the entire project, not sure if it can be done in reaper, but what i do takes the same amount of clicks as it did in Vegas.
hold down "Shift" / select track 1 / then select the last track / release "Shift"
then in any track select the bypass FX button (just below the FX button)
i assume you could also hit the "select all" function and do the same thing.
Like i said, there maybe be an easier way, but this way works fine for me, and takes longer to explain then it does to preform.
--mike--