I used to have a 5150 combo, but never had any problems like that.
I'm guessing you may have a dirty pot, a fried pot, or some other short that is causing the offending pot to be bypassed somehow.
There's other issues that are common with several Peaveys, including your's.
- Check the Grid Resistors. Peavey had a bad habit of using 5W 100 ohm resistors, which are inadequate for 6L6s. 5W 470 ohm are what you need for those 6L6s.
- Peavey also had a habit of skimping on the Rectifier Diodes, they used 1n4003s, which like the Grid Resistors are inadequate. 1n4007s are more like it.
- Peavey also designed your amp with a fixed bias. IIRC it's set at about 14ma per tube, which is very cold, regardless how many volts are running across the plates. This is more of a preference thing though. Here's Weber's Bias Calculator page, it comes in handy when figuring out where your boas should be in relation to plate voltage.
http://www.webervst.com/tubes1/calcbias.htmI recently swapped out the Grid Resistors and did a couple mods, including a bias mod, in my long dead VTM120. It got it working for awhile but quit on me again. I still need to do the Rectifier Diodes (probably why it quit on me again), and need to try some different resistor values in the bias circuit.
If you do a Google search for "taming the peavey nasties" there are a couple threads on other boards that go into greater detail.
As far as tubes go, I like JJ 6L6s. In the preamp, I like to start with a Tung-Sol 12AX7 in V1, a JJ 12AX7 in the Phase Inverter position, and then I experiment with the other tubes. The Tung-Sol is a very lively and articulate tube, so I love it for the input stage, and the JJ is a great PI tube because it gives the amp a little extra grunt & growl that others don't. Another one that's worth mentioning is the Mullard Reissue 12AX7. I have a couple that I tried in my amos, and they sound good, but were too dark for my tastes. But one of them is now in my Radial Plexitube pedal and turned to be just what it needed, because it took alot of the fizz out of the pedal's tone.
Oh, and unless you like a thinner tone, don't bother with Electro Harmonix 12AX7s. I have 2 or 3 laying around that I tried that fond their way back into their boxes.