Since the treble is "first" in the chain, if you have it dialed down a ton, wouldn't that affect overall level a lot? I'm not sitting in front of my amp right now, or I'd try...
If you're having "icepick" problems (I'm a tele fan, so I have experienced this in the past), I'd start at the guitar. Anytime I find myself wanting to lower the treble lower than say, 10, on this amp, I'd look to that first. Lower the treble side of the pup. I run my tele bridge pups level most of the time, which if you get the action dialed in still gives plenty of chime and spank, but with a more balanced top end.
My settings are generally gain at noon, treble at noon, mid at 8, bass at 11:30, and master at noon... On the 5 watt mode of my 5:50 strumming with my tele bridge pup at full volume puts me around 104db sitting about 12 feet from the amp. That's pretty loud. I haven't measured in the 50 watt mode, but anecdotally I can say it's too loud for me at home.
Now, all that said... If twiddling the knobs doesn't help, try replaving V2. During tube rolling, I put a tube in V2 that gave me essentially no volume on Clean/Ch1, but I had somewhat normal sounding volume in Blues/Burn. Replacing it fixed the issue. But when I noticed this, I had to put my ear to the speaker to hear it on Ch1, so my hunch would be this isn't your issue.