yep! ive had loads of problems with my fx loop in my 6505+ head. we covered this topic ages ago.
ok.
1: change all your fx loop cables to balanced stereo cables (including patch cables), 2:
2: allow your tubes to head up for at least 15 minutes before switching channels on the peavey head,
3:make sure all your cables to run straight down away from the electrical source because peavey's especially us in europe have problems with cable inductance and ground loop noise. run your cables directly down and keep them away from the amps kettle lead as much as you can.
thats all you can do - how old is the amp by the way? could be a dirty switch but chances are its not. mine was giving problems from day 1 and i asked others with the head in europe and they're had similar problems