Not sure if that is quite right. Here's my circuit analysis...but keep in mind my electronics knowledge is pretty basic, so I may be wrong. Let me know what you think.
See schematic of circuit below.
AFAIK, the tube section (V3A) has two operating points. The cathode circuit is fed -30V when distortion is off and -11V when distortion is on. AFAIK none of the pots have an impact on the tube operating point.
Looks like the signal is taken off a pot connected between the cathode and control grid of V3A. I assume this pot allows you to blend the clean signal present at the control grid with the distorted signal at the cathode.
The signal from the distortion (blend) pot is fed through a capacitor to another pot that sets the level.
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