Atoni,
It actually turned out to be something wrong w/ a preamp tube...
I first tried replacing the power tubes and the problem persisted. I spoke w/ the guys at Eurotubes (great guy!) and said that preamp tubes could also cause this kind of behavior. So, got a new set of preamp tubes (from Eurotubes of course), pulled the old tubes out, cleaned the sockets w/ some contact cleaner, installed the new tubes and no more problem!
I dug up my email converstion:
Hello,
I got my power amp tubes - thanks for the fast delivery! The reason I purchased them was because the volume on my Peavey 5150 has started changing while I am playing. For example, randomly it will get louder and then it will go back to where the volume was initially, then louder, etc. I figured this was a power tube issue but unfortunately the new tubes didn't seem to fix it.
Any ideas on this one? I noticed that you recommend retentioning the sockets on your website and I havn't had a chance to do that. Could this be a possible fix?
REPLY:
Volume level fluctuations can also be caused by preamp tubes. Since the problem existed prior to the retube, it is likely not a loose socket issue but I would recommend cleaning the sockets since only the slightest bit of oxidization can cause an intermittent connection on a single pin. Otherwise it's the preamp tubes or a completely non-tube related issue, possibly an intermittent cable.
It's easy to clean the tube sockets which can be done by removing the tubes and then using one of them, spray the pins with some electrical contact cleaner ( you can even get this at a Radio Shack, they call it TV tuner cleaner ) and then work the tube in and out of each socket a few times to remove dirt and corrosion. If no contact cleaner is available then simply working the tube in and out of the socket a few times will usually suffice.
If this does not cure the problem you can troubleshoot and replace the preamp tubes one by one, and if its a tube issue you will soon find it.
Thanks
-Jay
Hope that helps!