Just dropped it off to be worked on at Velvetone. He said he can repair the little hole no biggie and will work on the rest of the stuff. One of the electrolytics had actually burst and one resistor so far was toast. He will replace the three prong with one not spliced, new knobs, repair the speaker, new cap can, new electrolytics, bias it, test all the other resistors and such to make sure they are within spec, clean the amp, glue some of the loose tolex, etc. Jeff is really attention and detail oriented so I know he will do a great job getting it all sorted out.
I was kind of put off by the seller trying to tell me things like "the amp turns on, so the power cable is fine" and "the amp sounded fine to me, I didn't think there was a speaker issue." Being fine and being done well/correct aren't the same really. (At least not to me.) Inside one of the electrolytics had actually popped. I am betting the seller never looked inside or he wouldn't have listed it as excellent.
The refund will cover the repair work so it should be ok. I will have to pay for the electrolytics and cap can, but I was going to do that anyways.
To be honest, I wasn't looking forward to boxing it up and having to drop it off to send back, but I didn't want to take a big money hit either. I think it was a fair compromise and the amp will be great when it is done. I could always buy a Weber speaker if I don't like the repaired stock one, but I trust Jeff and he thinks it will be great so I will wait and see. Changing the speaker isn't a huge deal to me. There are two other ones for sale on Ebay right now if I wanted to pick one up. These aren't the ones people tend to lust over. Not like they are those awesome Oxfords like in the Princeton Reverbs that go for huge cash.
I am excited to hear the sound difference when it is finished. Should be quite different considering the issues we saw inside.