Bluesbear, check this out. It came from Blackie Pagano's site describing a custom amp called Grand Champion he designed & built. It describes what you're feelings are I believe in that "low and hot" to me implies low voltage but biased hot to max power dissipation (even if they aren't EL84s in this example, the theory remains the same)?
From Blackie, "It sounds like it looks - familiar yet unique.
You will notice that this amp makes some serious heat. The dual 6550 / KT88's are in a deep Class A operating point, with a relatively low voltage swing and very high current, running at their design maximum of 40w heat dissipation per tube. The transformers and tubes are running at full tilt, like a top fueler with the hammer down, even with no guitar signal applied.
The "low and hot" operating points for audio tubes are suggested by the original engineers of these tubes in the ancient tube manuals as giving a optimally pleasing and musical sonic spectrum with even-order harmonics predominating. These classic operating points are rarely exploited in the guitar amp design world as they yield lower power numbers than the typical higher voltage swing class AB operating points. Although "low and hot" operating points are rare in guitar amps they are revered in the world of underground audio as the operating points of choice for dimensional, dynamic tube sound that transitions to distortion gracefully.
This power section and driver stage work together to create a fairly high powered amplifier (approx. 25 watts) in which even-order harmonics predominate at all gain levels. You will no doubt notice that the sonic characteristics of the "Grand Champion" somewhat resemble a Fender tweed Champ, but with 10x more power and voiced brighter to more modern standards. In fact, the waveform this amp makes is almost identical to a Tweed Champ (soft, asymmetrical 2nd harmonic clipping characteristics) but with a lot more juice. Another difference is that the "Grand Champion" has a good deal more drive and can be pushed into a crazy distortion, going from a moderately loud clean tone with a sweet holographic midrange though a singing bluesy and aggressive lead tone all the way to a fragmented and psychotic fuzz, which can be tamed with the single high-end rolloff control and the master volume, both of which I recommend leaving wide open for normal use."