An SM400S has been my primary amp since 1995. Like jastacey I have a NOS Sylvania 12ax7 in mine. When all the controls are set flat, the amp sounds mid-scooped. My only gripe about this amp is that the sliders on the EQ don't really have a noticeable boost/cut until the last 1/4" of travel which makes it difficult to set. Other than that the amp sounds great!
I set mine as follows (L-R):
I turn the gain up until it clips then back it off a bit, this loads the front end of the amp and makes full use of the tube. Some call it "tube saturation".
Limiter: 10:00 o'clock
Aural Enhancer: 10:00 (set to your liking, but I've found it's a tone sponge past 12:00 o'clock)
Bass: I run between 12:00 and 2:00 depending on the room.
EQ Section: #1. 11:00 (boost or cut depending on the room)
#2. 11:00 (I generally boost this band pretty heavily)
#3. 7:00 (at this setting it overlaps the #2 setting, I boost this one as well, I dig having a bump @250Hz)
#4. 10:00 (I generally cut this one a bit)
Treble: 11:00
Transparency: Between 12:00 and 3:00 (depending the instrument)
It is a very vesatile amp, you just have to spend some time tinkering with the EQ to get what you want. The users manual also has a lot of useful information, it is available on the SWR website.
As far as your cab options, I'd go with just the 4-10 in bridge mode. If I were going to use both cabs, I'd try bi-amping with a cross-over point between 60-80 Hz. With the lows going to the 15.