First thing I need to make sure of is that I understand how the circuit
is _supposed_ to function so I understand what should be considered
"normal" operation. It seems that the channel associated with R4 _is_
the one that's functioning properly; as the "Warmth" control is
increased from its fully counterclockwise position the AC signal across
R4 decreases (this is what I was seeing with my meter) while the signal
across R6 increases. The panel meter begins deflecting to the right in
response to signal.
The overall level of the signal doesn't change, however, it just becomes
well..."warmer." With a 12AX7 tube the additional harmonic content is
quite noticeable at full clockwise rotation and IMO doesn't sound that
good. With a NOS 12AT7 in the socket it's more subtle and (also IMO)
more appropriate for an EQ/exciter.
It seems the control is converting the operation from differential to
single-ended, but I'm not sure exactly how the circuitry associated with
IC2A and IC19B is accomplishing this.
There are also two trimmer pots on the board associated with the tube
section VR29 and VR30.