(a) set the plug-in controls as desired for the first state,
(b) click on the M 1 Multiparameter and select the [Banks] tab
(c) in the Bank Control panel, set the number of banks to 2,
(d) in the Parameters panel, click [+] to add a parameter and tick the check box to activate it , if needed
(e) add all the parameters you want,
(f) (nifty
(g) now change the controls on the main GUI to the second state,
(h) click the Save button (floppy disk) for Bank 2 to store the current control settings,
(i) close the Multiparameter window.
Here I have added 4 parameters and stored their values for the two states.
... Big pic: http://i.imgur.com/uOutJa5.pngFinally, (j) click the drop-down button next to your named Multiparameter, select,
'Attach MIDI controller' to map a hardware controller knob/slider to the Multiparameter (or automate it, as a plug-in parameter, through your DAW)
Here it is in action; all I am doing is twiddling a knob on my keyboard controller.

.
