I've been looking at this, and maybe have some ideas?
I think the schematic is drawn correctly, there are 3 different drawings of essentially the same circuit, 2 of the Montclair, and one of the Electra, all have measured voltages of different values with the same basic circuit, and somewhat varying values of capacitors and resistors.
It seems to me like it's some sort of positive feedback loop, mixing wet/dry signals through the second gain stage. The signal splits after the 1st cathode stage, then goes through 2 capacitors, and then the plate of the 2nd gain stage, changing the phase by 300 degrees. Then with the addition of the 3 resistors in the feedback loop, it could return to the 1st cathode stage (somewhat) in phase.
So perhaps it would act like a tubescreamer type circuit which preserves some of the dry signal before mixing in the overdrive. It could also maybe create a swirling effect, or perhaps a slight delay, like a poor man's reverb? Maybe it would make the response more touch sensitive? I dunno... it must be that way for a reason.
It would be interesting to try I guess. Perhaps there's also opportunity to put a pot in to replace one of the resistors (the 220k mixing resistor?) to control the amount of phase shift and wet signal?
Another strange anomaly with this amp, is there isn't a cathode resistor at the 1st gain stage of the non trem channel. Again, it's the same in all drawings, and looking at the 12ax7 datasheet, it should work, but is nearly biased to saturation, about .25 V at the grid.
Strange amp, any more input is definitely welcome.