Well, you know it's not the bias supply cap... cause it doesn't have one. :-) That's the first thing I look at on Silverface Fenders.
It could be this guy:
Especially if the thing has been stored more than used.
The small coupling caps can last and last.
I'd take a look at the small electrolytic cathode caps on each tube... tap them with an insulated stick and see if you can excite the problem.
I have found that simply playing the old Champs keeps them going ok... and when I store them I have to play them back in to shape.
If you can leave it on while being near enough to unplug it... then I'd just leave it on for hours and hours and see if the caps freshen up a bit.
I actually went through the process of burning one back into shape just last week.
Just for grins, I'd pull the speaker connector (WITH THE POWER OFF) and plug it back in just to clean the contact.
Should be a fun troubleshooting project.
