The issue is the treble/bass tone stack. It really just decimates the gain — massive difference between stock and lifted tonestack ...
Yes, because the tone stack Fender uses imposes a
20-decibel scoop, centered on 460Hz. Turning Treble and Bass "off" results in a flat frequency response with everything down -20dB (which is the same as saying "one-tenth" with respect to voltage reductions).
- To simulate the Champ in Tone Stack Calculator, turn the Middle control full-up in the link I provided. Treble/Bass controls will respond like the amp.
Volume control right after the tone controls reduces signal level further.
Customers already got "all the mids" back in the 1950s. The mid-scoop thing seemed to be the sound for the 60s... Standel was doing it, Ampeg was doing it, Fender started doing it.
Fender's new circuit with separate Treble & Bass controls cut the mids
a lot, and then let the player adjust how much to reduce Bass and Treble on a complementary way (but still leaving an overall mid-scoop that gave the "new sound").
Today's user/builder might say, "The tone stack has a bunch of loss," and look for ways to minimize that. But in the 1950s, Fender already did the "low-loss tone stack" in the 5F6/5F6-A Bassman and the 5F8/5F8-A high-power Twin amps.
More Loss = More Mid-scoop = "Treble and Bass controls that have more range of adjustment."
Meanwhile, a Tubescreamer pedal intentionally boosts midrange right in the same range the Fender tone stack scoops mids (100% by design). One might want to consider the sonic goal of an amp-build, because changes to add a capability (multiple adjustable tone controls) typically detract from another capability (high signal-level to overdrive the output tube).