I just got my USA made, NOS Peavey Cirrus 4 today. I picked it up after playing a used model at a local store. This one has a flame maple top, maple/purpleheart neck, and maple fingerboard. It's incredible, particularly considering the cost. I also own a Peavey Dyna Bass (I'm guessing from the 80s-90s) and a Dyna Bass Unity Series Limited (with Kahler Tremelo, flame maple/purple heart satin finish neck, and a flame maple top/back).
As for Peaveys in general, they are very underrated. The lower end (in my day, the Dyna Bass) are extremely underrated IMHO. They play and sound great, especially at that price point, and can compete equally with anything that Gibson or Fender puts out there IMHO (I own Fenders, Gibsons, Alembics, Pedulla, Lakland, Sadowsky, Parker, Martin, Godin, Rickenbacker, Ovation and Musicman basses). You could certainly do much worse than buying a Peavey.
On the T-40 - man, it was heavy, but it sounded and played great.
Alan