Keep in mind the 2nd one isn't showing the best tone with the mod. It's showing how drastically different it is with the same EQ settings.
As for whether the "C" clip is too hairy - that's a matter of taste. I prefer the sound of the original 5150 - and according to the schematics these components are the only differences between the lead channel on the two amps. The clean channel is completely different (and is better on the 5150-II) so you're getting the best of both worlds with the mod. Again, that's as far as my ears are concerned.
I'm pretty sure the Peavey parts sheet calls for 400V capacitors, but I don't recall if the resistor was 1/4 watt or 1/2 watt. I happened to use some big old capacitors because that's what I was able to get from the old dude in town who works on amps. As you can see in the pics there is plenty of room to work on the main board. The preamp tube board is a little tighter, but I was still able to cram a huge capacitor onto it.
I'd also like to mention that the cap & resistor on the main board do not represent a shining moment in my soldering career. I did it quick & dirty just to see if I liked it and figured I'd clean it up later if I kept it that way. As it stands, that was the last time I had the amp apart until today. Since it works and I've gigged with it I see no reason to fuck around with it.
Also, I didn't reduce the resolution on these photos so they are pretty huge.
Main board. Changes circled in yellow. Legs of the original capacitor are circled in red:
http://www.ryanadam.com/5150/IMG_0532.JPG
Main board from further back to get a better idea of where it's located:
http://www.ryanadam.com/5150/IMG_0533.JPG
Pre-amp tube board from above. New cap is circled in yellow:
http://www.ryanadam.com/5150/IMG_0534.JPG
Peavey layout with location of C17 marked:
http://www.ryanadam.com/5150/IMG_0536.JPG
Peavey layout with location of C2 marked:
http://www.ryanadam.com/5150/IMG_0537.JPG
The only other mod I've done to my 5150:
http://www.ryanadam.com/5150/IMG_0540.JPG
Same shot, but with the flash which obscures the fact that the whole panel lights up:
http://www.ryanadam.com/5150/IMG_0539.JPG
If you want to check out some solder work I'm less ashamed of, check out the Metal Panel JMP 50 clone I just put together:
http://www.guitar-hardware.com/ampkit/IMG_0517.