> these resistor values ... are gonna hafta blow off an excessive amount of heat. Seems like a complete waste...
There's subtleties. The WCF is more complicated than it looks. It isn't push-pull for high load impedances. A dummy load is a crude fix. These DC loads respond to tube voltages and give a different action. Some day I might look at that. But it is indeed a LOT of heat, essentially doubling total current consumption and heat.
While the constant power supply drain might lessen the work of the PS, clearly the PS must be twice as hefty. Is that a good trade-off? In commercial work, it sucks. In gilded-lily DIY, it might lessen residual corruption through the rail.
> control gain by adding a global feedback loop
Well, OH Scott appreciates no GNFB (though the 2-gain-stage "local" NFB inside the WCF is astonishing). Many people favor that.
And as I guess you saw: it's inverting, the only place to aply NFB is at the input grid, and putting the NFB network between a weak source and the first grid is bound to lower input Z and raise resistance hiss. I've seen it done, but that was a PA quality mixer.
Also, while you have a bit too much gain now, I don't think you have so much too-much to maintain significant NFB at high gains. Which means it will run tight at low gain and loose at high gain. And while tastes differ, I'd want the tight sound on harpsichord and the loose sound on Fender Twin, which isn't how it works.
Alternatively you can make the second stage inverting gain, and take a loop from output plate to input cathode. That's how most classic designs did it. The 2nd stage must have enough power to overwhelm the 1st stage cathode, and you already have issues. With four triodes, you sure can make it work; that's two more than classic mike preamps used (but they didn't push 1:1 OTs either).
So while I feel it is extravagant to boost every/anything 50dB and then pot-away the excess over what your tape can swallow, I can't see anything "wrong" with the idea.