Been chipping away at a 67 Super Reverb. Was in better shape internally, at least visually, than the external appearance would have lead me to believe. But as I worked on it the gremlins emerged--drifted resistors, weak tremolo, noisy vintage RCA tubes, arcing tube sockets, the whole works.
I thought I'd had them all sorted as voltages were checking out, the noise floor was sufficiently low, there was minimal DC where there was supposed to be none (thanks vintage fiberboard), the controls all seemed to do what they were supposed to, and nothing was scratchy. Power draw at idle was good indicating no shorts or ultrasonics. Even a preliminary power measurement into 2.1 ohm dummy load with a 1kHz @ 175mv input to the normal channel yielded a respectable 41.8W. But the vibrato channel didn't quite sound right.
In lieu of blindly swapping parts I traced the wave through the first gain stage without issue, but the issue arose after the tonestack. The sweep of the treble pot yielded the following change in the waveform.

I swapped the 250pF cap and the problem was resolved.
There were no other indicators this cap had failed besides the sound not being "quite right". Voltages, function, and DC were all as they should have been for a functioning cap.
I will be adding a basic waveform check to all vintage Fenders I service from now on--especially if they still have their original tonestack caps. Not doing so would have left me with a suboptimal result.