Having worked on around 500 plus Peavey steel amps I have seen the number one issue to be a high resistance on the contacts on the power amp in jack. A quick fix, plug a short 1/4” audio cable from the pre out to the power amp input. When I get one in for service I check the resistance on the contact closure at the power amp in jack. I clean and burnish to contact to assure there is zero resistance there
Other issues:
-Mid pot causing a popping sound when turned, very loud. Pot must be cleaned or replaced
-on the reverb issues:
You might check and make sure the connections are cleaned. Check and make sure the reverb springs are clean. Some of the older tanks had some foam weather stripping above the springs to help dampen external vibrations. Often the foam rubber would rot and fall into the springs
Best bet then is a new reverb tank. The original was a 2 spring tanks, 4EB2C1B by Accutronics.
-Post gain and Reverb pots scratchy and need cleaning
-Molex connector for reverb exhibits poor connectivity
Pins at chassis need to be cleaned with a Qtip and alcohol, female contacts on Molex need to be tightened
-Input jack contact dirty, need to be cleaned and or realigned so they close the input hot to ground properly when the jack is not in use. Realignment can be tricky. I insert a 1/4” plug into the jack and then use the plug as a point for resting a flat blade screwdriver to align the grounding contact. Takes a bit of practice and patience.
-Molex connector used for speaker connection needs to be serviced same as reverb connector. Later amps had the wires soldered to the male pins at the chassis to avoid problems
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