Okay, so I just re-watched the Cyclones.tv video where Wally talks about the 3-4 (from August 7). What he said was they'd like to play more 3-4 and he thinks our personnel will let us do that. He didn't talk much about the DL, but did mention playing two MLB to keep some size in the middle to stop the run. Said that Peters (at that time) played the "drop backer" and Jones played the SOLB/Nickel. He also said you can't just rush 3 all day, so we'd still play a 4 man front as well, mixing up both looks throughout the game. He also said that they got rid of some of the 3-4 based things they did last season and added some new things to the package.
Like others have said, there are a lot of ways to align a "3-4" so it could still look like 4 men on the LOS. Maybe Jones can fill that Rush End roll of speed rusher/force player while sometimes dropping into coverage. A nice thing about the 3-4 is that you can blitz from many different angles to confuse the OL/QB while still keeping 6 or 7 guys in coverage.