This is your plate feed resistor and in many amps, they used 1/2 watt resistors in this position. This is barely adequate when the reverb is cranked. Now, if the tube (V5) is off and drawing more then normal plate current, this resistor will go out. The discoloration around this resistor is common in a situation where a resistor has been getting hot on a regular basis. The circuit is probably fine, it is just that this resistor should be at least a 1 watt, preferably a 2 watt to keep things cool. Another issue could be the reverb tank having been replaced with one with an input side of the wrong impedance. This would cause the reverb circuit to be inefficient and force you to really crank the reverb to get even a minimal effect. Again causing a higher then normal load on that tube and it's plate feed resistor. Since this resistor is between the tube's plate and the filter capacitor, a bad filter capacitor would not cause this problem. This is one of the reasons why I always replace plate feed resistors in guitar amps I service and refurbish, along with power supply capacitors, bias rectifiers and coupling capacitors. Oh, speaking of coupling capacitors, any coupling cap going to the grid of V5 that leaks any DC voltage would cause a very high current draw across that resistor and would blow that resistor. Much like an output tube red plating when a coupling capacitor from the phase splitter to the output tube starts to pass DC.