> What're those diodes doing?
If you plug this to a LOUDspeaker OUTput, the diodes prevent your 30V swings from exceeding the opamp's rails. Or not by much.
The excess over 15.6V is dissipated in the 22K resistor. This resistor will smoke at like 75V drop (90V input), long before the diodes are strained. Below that point, it will make awful loud soundz but nothing is smoked. For a stage amp, for systems that use the same plug for 20mV pickups and 30V speakers, stupid things happen and "no permanent damage" is wise design.
> if they failed, wouldn't they dump....
Why would the diodes fail? In normal use they have tiny voltage. In gross abuse, even 1N914 will stand 60V reverse, which is more than speakers carry. Well, yeah, they can fail for no reason; the diagnosis is easy, the input is stuck to the rail and snipping the diode restores operation.
> there's a hissing/white noise
Have you tried it WITH a guitar? Any high-gain amp will hiss. And 33K/0.47= 1:70 is a lot of gain for a +/-15V preamp.... you probably are NOT going to turn that PRE pot anywhere near max in normal use. Set it up to play pretty loud, then damp the strings.
That said: there are now "better" opamps than 4558. This thing is from the 1980s? However, e-gitar developed around the hiss of 12AX7. 4558 and TL072 hiss just about the same. A lower-noise chip, like NE5532, may test quieter, but the AX7 4558 '072 devices will be quiet enough on stage.
There is a remote chance the 4558 -has- gone sour. High hiss can be a sign of moisture leakage, which will kill the chip eventually.
First clean the board. Whatever crapped-up the pots may be laying on the traces and oozing stray current. Not enough to measure, but maybe enough to hiss.
Then replace with a TL072. Drop-in replacement, really a better device. Use a socket.