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Hehe, I bought a similar head recently as a backup for my Super Bassman. It's a Musician, and it came with a non-master volume previous gen Bass head with the black plexi front (nope, didn't have a choice, had to buy the pair

). I had an aluminum faceplate era Bass head before, so I knew what I was getting into. My lead guitarist laughed to himself when he saw me bring it in to practice, because his dad had used one as a guitar head in the 70's. But when he heard how good of a bass tone it got, he had to compliment it. He actually likes it better than the SB, but I think that's mostly because I keep the gain down a bit on the Peavey, and just run the SB's preamp wide open.
Those amps are generally pretty loud for their watts rating, because they are rated at a lower THD than most of their contemporaries. Mine's rated at 210, and it easily beats anything I've heard rated at the same watts level. It's got good reverb and tremolo. I've used them both on demos and been happy with them. Mine's got fuzz as well as distortion, and a mix knob between them. They're both interesting in a sound-effect kind of way. But yeah, they'd be hard to use in a band context, even on guitar.
I'm not sure if yours actually has the series/parallel inputs, does it? (Edit: you should be able to do parallel with a patch cable, if nothing else) IMHO, that's where those generation Peaveys really shine. They had pretty nice sounding solid state pre and power amps, and being able to cascade the gain from one into the other can get you some nice overdrive sounds when you're a bit conservative with driving them, especially on bass.
Either way, I paid about 3x what you paid, and I like the non-master volume versions of those heads, too (hence, why I was cool with both over paying and having to take both heads

). Nice find. If you're willing to lug an unruly number of cabs around (you're already lugging twice what I'll carry), it could add a nice soft fullness to the bottom of that setup, I think.