For lower gain you can also disconnect the cathode resistors, using a switch for example
For lower gain!! i.e. no gain!!
If you disconnect the cathode resistors you will get no current passing through your valves.
I think you meant cathode bypass capacitors, which will indeed lower gain.
Unless you have plenty of experience of working with PCB-based amps, I would avoid trying to do any modification on the board, as removing the PCB from Peavey amp is quite an undertaking (as is obviously getting it back in). What I really don't like about these Peavey amps is that the PCB is in three sections with solid core jumper wires between each PCB section. When you "unfold" the PCB to work on it you stress all the solder joints along the sides of the PCB sections. This also happens when you "refold" the PCB to get it back in the chassis. I've found dry joints on these jumper wires.
Also using some lower gain valves (eg 12AU7) can cause plate load resistor to dissipate more power than they are rated for, so I would be cautious about using very low gain valves.
The 5751 is probably your best option here.