Yes, in general, it will work just as described.
The inductor allows low frequencies to pass, but inhibits higher frequencies. If there's no adjustable resistor (L-Pad), then the higher frequencies are cut off entirely.
But the adjustable resistor (L-Pad) allows treble frequencies to "sneak around" the inductor. Adjust the amount of resistance, and you adjust the amount of cut. So you can really shape the result. The values for the two components can be calculated easily. Usually, the resistance needs a bit of fine-tuning by ear.
(I usually add too much, then play some music and reduce the resistance until it sounds right. If it's still too dull, add a capacitor which lets all high frequencies above a certain point to pass through without attenuation).