"replaced tubes one at a time, interesting results, a single 12ax7 in any position (no other tubes in) dropped B+ by 40 volts when flipping the standby switch, and adding a second dropped voltage 80v"
This is not really a standard test one does on Fenders, and I would ask you a few more questions as to the conditions--- but if you are saying that you can go from having >>ZERO<< tubes in the amp to ONE LOUSY 12AX7 in the amp and this drops your overall B+ 40 or 70 volts, that cannot be right. Four of those 12AX7s draw 1-2 ma, which is "nothing", the reverb driver pulls a little more but still very little, and the last 12AX7 before the set of 6L6 tubes maybe pulls a little more. But you are talking about drawing (with but a single 12A_7 installed) 1-2-3-4-5 ma in a power supply that is probably good for 175-200 ma, which means the power supply should not even know a single 12AX7 is in there.
My suspicion would be that you have a leaky or bad electrolytic cap in the power supply. Or, a combo of a bad e-cap and a bad "intra-node" dropping resistor----the 1 watt resistors under the doghouse, which are usually 2700, 4700, or 10K, depending upon the exact model of Fender you have. You should inspect the caps under the doghouse and look *very* carefully at the resistors. Those resistors can do two pretty irritating things, and you are talking about a non-MV Fender Twin Rev which is (and I know it is hard to believe) a 35+ year old amp, right? One way they fail is bake up in value. Usually not enough to really trash the amplifier, but when a 10K resistor gets to be 16K, uhhh, that just isn't right. The other thing they can do is to crack in half, invisibly. Then you get extremely goofy situations of partial conduction, resistor changes to 100's of K ohms (and that will not work) or opens up completely. If those are discolored, replace with Doug's metal film 3-watters and you are done. But with a screwdriver, apply some sideways pressure to the body of those resistors...sometimes they are cracked in half are the two halves just separate.
When if ever was a "cap job" ever done to this Twin? 90% chance it needs it.