Any new OP UL tranny will work in this amp. Ed likes the Hammond, many Major owners have gone with the Heyboer replacement and have been really happy with no smoke issues. I think it would be very easy to replicate the original tone without blowing out the windows. Yes, speaker breakup and moving a lot of air contributes - as well as a tinge of KT88 distortion (the best!). But the full body response of the UL KT88's working with this unique preamp is awesome at any volume. You could run those tubes at 350v and have a great 60 watt amp with the OWM and PPIMV. Just because a car will do 150 mph, doesn't mean you have to go that fast. I've only found a few tube brands that work well in my amp. With that plate voltage and screens only .001v behind (with the original screen resistors), they get beat up pretty bad. Lower the B+ and just about anything out there will work. Ed has done a LOT of KT tube swapping with his builds, so I would defer to him on anything new. I'm still stuck on my =C=.
Hope this esplains it and debunks some myths. This is great to see! I have been beating the Major drum for years, it's good to see you guys running with it! 
Jim, just a couple of corrections.
I prefer the UL OT from Triode. As a matter of fact on the last build (the best one yet) I simply used the whole set, PT, Choke and OT. The whole deal is $260 which may seem high until you get them. Lot of iron.
The Hammond feels tighter. In the amp I used the 1650N, which is 60 watt iron. It will get a little hot when cranking, but to me has a better feel than the Hammond 1650R which is really overkill for 2 tubes and the thing 10lbs. All things considered the A431S Dynaco to me worked best.
Now on the 12Au7 as the driver. Like I mentioned, the preamp is much different in the Route 66 and that is what I have used. I believe if I raise the voltage some in the preamp, I would not need much gain at the driver.
The Major is one of the few Popular amps I have never owned or spent much time with, but I am very familiar with the tone. I would think if you design from the prospective of reducing the ma on the PT and get voltage in the high for 2 tubes and copy the rest of the Major, it should sound very close.
I am not sure if lowering the voltage is a good idea, but I don't know for sure. The only comparison I have is between an amp out of a Leslie 147 I converted to run KT88 cathode bias. The difference is that it is not punchy. IMO the only reason to use KT88 is the punch. Sure the distortion is nice, but it is this punch I find in KT88's that I have not found in other tubes. To me this is the difference between 6550 and KT. The 6550 is really not a replacement for the tube as some say.
This thread caught my attention because I have been wanting to build a 2 tube Major myself, but I have been concerned if it can be done with 2 tubes. Like you said, it doesn't have to be turned up all the way all the time. I question it because a Marshall 4 tube EL34 IMO sounds better than 2 EL34.
Edit; Fixed quote, Willabe/Brad.