So the problem is that the FX channel is distorted and the volume control is not working?
Divide and conquer. Turn off the reverb and the trem/vib and turn off the bright switch, any change? With the reverb on, shake the tank to hear the springs rattle. Is the sound of the reverb springs distorted? Is there background hiss? If there is, do the tone controls have any effect on the sound of the hiss?
Start reading voltages through the channel and compare to the schematic values. Now is where you start to look for leaky caps that cause voltage disruptions to the circuit.