I have a 5150-II (= 6505+). Gain on tap isn't a problem, provided you slam the front end of the amp nice and hard. In fact, now I've playing fat strings with a baritone (albeit with a 'low output' pickup), and boosting through a Bloody Murder (TS type pedal), I can sit quite happily with preamp gain on 3 or 4, and post amp gain on 4, and it's brutally loud. Beyond 4 to 4.5, the volume increase isn't hugely noticeable in a small room, because frankly it's SO DAMNED FRIKKEN LOUD!
Speakers do make a big difference. I used to run the stock Peavey 5150 cab, but now I've replaced the sheffield speakers with Celestion G12K-100s and EVM-12L black labels in X pattern.
Be sure that you're using the correct output impedance for your cab, too.
How old are the power tubes? What pre-amp tubes have you got in there?
Before thinking about modding your amp, you should double check all the basics! Power amp stage tubes are the first thing to check.
I took my amp to an amp tech after I got it (second hand), I'd recommend you do the same.
FWIW, it's not by any standards a bad amp (unless maybe there's something wrong with yours?).
Hope this helps,
Roo