... where's the variable voltage divider ... ?
The voltage divider is made up of 2 legs: the internal plate resistance, and the "load resistance." But at a.c., the plate load resistor is in parallel with the grid leak resistance of the following stage. The portion that determines the gain is the load resistance, which is why you get gain closer to mu with a bigger plate load resistor.
Also, would you mind either confirming or debunking my theory about the gain of the 12AX7 stage described in post #3?
It is confusing as written.
Forget any external parts. As long as the grid is negative of the cathode, the impedance looking into the grid is very, very large. So for normal conditions, we look at the tube as having an infinite input impedance, and concern ourselves with only the external resistors.
Volume controls in 99.9% of amps are wired so that the previous tube stage sees a non-varying resistance to ground; the varying resistance to ground is seen by the tube grid looking backwards toward the previous gain stage. If the resistance seen by the tube is 1M or less, most small-signal tubes don't behave any differently regardles of a change in value. So the common form of volume control has no effect on the 2nd stage, and the non-varying portion is being seen by the first stage.
In the 5E3 Deluxe, the common arrangement is reversed. Common volume controls would need isolating resistors in series with the wipers to prevent interaction (see the 5F6A Bassman as an example; there is very little interaction compared to a 5E3 Deluxe). Fender saved the cost of 2 resistors, by having the ungrounded end pot be a series isolating resistance if the pot is set below maximum. We know it doesn't work that great, but does give some interesting options.
Now that the volume control arrangement is reversed, looking backward from the 2nd stage grid, the tube sees a constant resistance. But that doesn't do anything beneficial for the 2nd stage. Instead, now the first stage sees a varying load resistance, because a smaller resistance to ground after the coupling cap is now in parallel with the plate load, which makes the total load smaller. That, in turn, makes the actual gain delivered by the 1st stage smaller.
But I find this a cool feature. I sure don't mind it in my 5E3 copy; when I need more clean volume, I use my 5F4 Super copy.
And the real issue people have is that they feel the 5E3 lacks headroom because it's distorting by the time you turn up a bit beyond halfway. That's because the amp has more gain than needed to drive the 6V6's. You can make changes to give the illusion of a wider range of clean volume, but the actual SPL from the speaker won't be any more because the clean power from the amp to the speaker is any larger.
But seriously... if you wanted more clean power, you'd have stepped up to the Super or Pro (or later the Bandmaster and Bassman).