One trick I do with the 5150 is I order low bias point 6L6 tubes from the Tube Depot. They break up faster and what's great is the audiofile snobs don't want tubes that distort easy but us crazy guitar player love them. Right now I'm running Electroharmonix power tubes with a low bias point and running it into a THD 16 ohm hotplate and a Marshall cab.
The preamp tubes are Sovtek copies of the old Telefunken tubes.
To be honest, the crunch channel sounds great with the pre and post gain at 7, with the bright switch on. With a Wolfgang it does get that early VH vibe. Now I have the 5150 II which many say is a warmer amp.
As far as a bias control goes, YES! that is what really turns this particular amp from a razor blade tosser to a warm amp. I have no idea why Peavey left it out. They bias the stock 5150 amps cold. Sure any idiot can change their own tubes and the tubes last longer but boy does it cut the warmth out!