Ok I got my new probes and did some scoping today. I'm more confused than ever.
I fed 200mV 1khz sine wave to the input of the tremolo channel. All subsequent level variations were undertaken using the amp volume knob. Feedback (C.R. in attached schematic) from output transformer to cathode of first tube was disconnected. Amp was powered through a dim bulb current limiter fed from an isolation transformer, so voltages might be slightly lower than spec.
Output tubes are matched, nearly new EL34 from Electro-harmonix, recently biased to ~16.5W per tube. Output transformer DC resistance measures 33.3ohms and 42.8ohms from center tap to each respective plate.
I've followed the signal through the amp, and although the phase inverter at extreme levels does show gain spiking, it remains clean well into driver clipping. First photo shows EL 34 grids at max clean level, with scope probes on output tube pins. This is just before the driver starts to clip, and is about 40V peak to peak. Is this a reasonable voltage swing to drive the EL 34s? I've inverted one channel to show waveform symmetry.
In 2nd photo top trace is the same, but I've moved the other probe to the dummy load. You can see how weird the lower trace looks, and this is only about 5V pk-pk across 8 ohms.
3rd photo is the same, but I've brought the amp volume pot down to try to get an output that still looks (kind of) like a sine wave. It only managed about 2.5V pk-pk to the dummy load.
4th photo is the same, but I've raised the volume until the driver stage itself starts clipping. We get a really messed up waveform with ~6.2V pk-pk across the dummy load.
My conclusions:
1. Things look ok up to the EL34 grid inputs (right?).
2. Dummy load shows crazy distortion, except at extremely low levels.
3. Amp sounds like garbage.
I'm wondering now if there's something wrong with the output transformer, or how I've wired it (I'm following factory labels on the back of the amp), or something weird with the output tubes. Any ideas of how to proceed? I also noticed my dummy load doesn't get warm at all, but the output transformer started to heat up a bit over the course of testing (it was still quite comfortable to touch it.
Also, the output to the dummy load appears phase shifted. Is this a normal effect of a transformer?