first, I'd make your conversion approach to be more of a simplification of the circuit ...
I agree that this seems the best plan.
... (3) massive amount of neg. feedback someone double-check my math: If the OT's yellow wire is 16ohm ...
Is we assume the schematic is correct, negative feedback comes from a dedicated feedback winding. As a result, you can't know how much feedback voltage there is from that winding.
Also, for hi-fi, 14dB feedback is not much. Maybe more than Fender did, but you can always jigger the 13k resistor higher and see what it sounds like.
... (2) tone stack: EF86 drives 1/2 tone stack 6GC7 drives the other 1/2. This might be a problem. ...
I agree this might not be ideal, mainly with the extra series resistance between the EF86 plate (which will have an output impedance close to the 68k plate resistor) and the coupling cap going into the Bass control.
But other than that, this is a James tone circuit, but split into two halves. This is not uncommon, and there are examples of it in the Tone Control section of RDH4. You're not too worried about signal loss, because that's the whole point of a tone circuit anyway.
Following the 1st 6CG7 stage & 2nd half of the tone circuit are
two more 6CG7 stages to boost the signal back up prior to the 6CG7 split-load inverter. A guitar amp would tend to economize by using fewer, higher-gain tubes and fewer (usually one) stage between a tone circuit and a split-load inverter. So I'm guessing we're alright.
... NOTE: There is a 10:1 voltage divider between 6CG7 stages set up with that 1M/100K pair. ...
But the Treble wiper defeats that divider. I'm guessing the 1MΩ helps make the Treble tone circuit sound "effective".
... NOTE: 6GC7's weren't used in the middle of any good amp's signal path other than to drive reverb tanks (anyone?) ...
On the contrary, it seems like a "too-good" tube.
Yeah, guitar amps didn't use em much, though they pop up in Ampeg and Gibson amps. But there are a number of low-gain or oddball tubes that didn't appear in many amps.
If you re-do the heater wiring, you should be able to pop a 12AU7 in these sockets, and save money (the 6CG7 seems expensive at places I look, for no apparent reason).
Yes, with some parts-value changes you could use 12AX7's in these sockets, but you may not need the extra gain once you get rid of some of the lossy circuits Terminalgs mentioned; and again, 12AU7's are probably cheaper and easier to find in NOS (I know I have more of em than I'll probably ever use).