From reading this exchange, it seems as if the suspect is the regulator tube. If it is indeed bad, the rest of the circuit is still getting the unregulated power supply, so it works but not at its best. The regulator tube is supposed to be shunting some excess Voltage (and, current, though that is not really the main issue) to ground, and thereby establishing one fixed operating point for the amplifier circuits that stays fixed regardless of the signal.
To put it way too simply, tube amplifier circuits tend to operate with three operating parameters that are constantly changing with the applied signal; if you pin one of those three down and make it constant, as with using a shunt-regulated supply, you generally make the tube amplifier more linear, or accurate, if you will.