My four cents (two pro, two con):
First, my experience is with a Mark III, not a IV, but I've owned a IV. I've played the III for a good 29 years, at gigs loud and soft, in all size rooms, bedroom and banquet.
I recently got hold of a Weber Mass Lite 100, and it worked great. You can reduce the volume down to zero and use the Mark IV as the world's best-sounding direct box. It has separate controls for lows and highs. It has hookups for two cabs and a line out as well.
My favorite sound was simply cranking the R1 gain and cranking the Master.
Very old school, no fancy-schmancy "cascading gain", but the real deal as far as how vintage cranked amps are s'posed to sound. The only part missing is the sound of the speaker dying.
But in the end, my admittedly ancient and rock-music-abused eardrums couldn't tell that much difference between Boogie pre-amp distortion controlled by the Master Volume and the attenuated power tube clipping with the Master on 5. Plus, it's another seven pounds (!) of gear to haul.
So, to make a long story even longer, I sold the Weber to a guy who owns a bunch of vintage, non-master-volume amps. Fender Deluxe Reverb and JCM 800 among them. He freakin' loves the thing to death.
But remember, he's getting mostly power amp distortion, with only a bit of pre-amp gain.
I guess I'm saying that if you are maxing out the pre-amp gain controls on the Mark IV anyway, using an attenuator and also maxing out the Master Output may get you a sound you like, or you may get undefined mush.
Hope this helps, in some undefined, mushy way