The Pentode/Triode switch is a great mod for low-volume gigs. A much rounder tone and distortion at lower volumes. Only drawback is an increase in hum. Make sure you turn the standby on when you flick the switch!
Kevin O'Connor suggests increasing the EL84 screen resistors to protect the tubes. They also tend to make the amp exhibit its "loud" characteristics at quieter volumes. I may actually change these back to something lower, perhaps 330K or 470K.
The mod to the "Cut" control capacitor is pretty necessary, IMHO.
The mods to the EF86 plate resistor, and to the resistor directly before the effects insert on the 12ax7 channel were done to bring the two channels more into line volume-wise. Increasing that 12ax7 resistor also has the effect of increasing headroom in the 12ax7 channel, as the 2nd stage does not have to be driven so hard for the same perceived loudness. I may change the EF86 plate resistor back to its original value now that the 12ax7 channel is louder.
The EF86 is an RFT, which sounds good and has low microphonics, even though The Tube Store doesn't recommend them for Matchless. I tried a NOS Mullard but it was noisy - maybe I'll try to find another.
When I first got the amp, while I loved the tone, it was very bright and tight. While these mods have had some impact on the tone, I've also changed one of the speakers for a Tone Tubby, and both the TT and the original Celestion have mellowed nicely over the last year or so. It took a while to get to know the amp's capabilities. I'm now using it without any pedals whatsoever, just use the guitar's volume control to go from clean to overdrive with the appropriate combination of HI/LO and Pentode/Triode settings to suit the gig.
ian@igmusic.co.nz