I felt like the amp was compressing, probably because I had the Fat switch on, which I believe increases the gain to the preamp. There want a lot of “pop” to the attack. I’ll have to try the Fat switch off and Bottom rolled off.
You need to experiment with this amp to figure out it's little tricks/secrets. It has Gain, Volume, and a Master. The extra gain control makes the amp a bit more versatile, but it's also more complicated to understand how to get a sound. High Gain and low Volume will sound different than low Gain and high Volume. The position of the Master also will have some affect on the sound and feel.
With your stated tone and feel goals, I suggest running the gain lower, rather than higher. I believe this will make the sound more focused and clear, and less compressed/gooey. For live work, try turning up the mids, and possibly the treble. Dialing back the Top control may help take out a bit of glassy quality. Try gentle tone adjustments. The tone network on this amp is incredibly musical, but it not particular versatile or powerful. My guess is you will find the best sound with most of tone controls between about 10:30 and 1:30.
The Fat switch adds gain, and makes the sound warmer and more vintage. If you prefer the Fat voicing but not the resulting compression. Dial back the Gain and compensate by turning up the Volume or Master.
Here is the signal path:
Input->V1a->
Gain->V1b->Fat/Clean->Bottom/Top->Fender Tone Stack*->
Volume->FX Loop**->
Master->V2B->Phase Inverter (V3a,b)->Output Tubes
* I would say the amp's tone is on the perimeter of the Fender tone universe.
** The FX loop is driven by a solid state IC. You probably don't want clipping here.
My impression is the way you adjust the Fender Tone Stack will have a pretty significant impact on how functional the Bottom and Top controls are. You might say the controls are interactive. The Bass and Treble are sort of an HPF and LPF. So if you dial them back, I think it rolls off the range of frequencies where the Bottom and Top controls are functional.