I posted on here about a month ago that I had just re-acquired a 50 Watt 1973 Superlead that I had sold to a very good friend who owned it for over 10 years. (I first bought it probably 15 years before selling it to him).
Anyway, when I was young and dumb, I had it modded and had 2 different master volume mods in it at various time - and it never sounded quite ‘right’ to me. SO before I sold it to me friend, I had it returned to stock specs by a very respected tech and Marshall guru. For 50 watts it is loud a f*ck.
Here’s my thought on modding these things: the ‘Amp in a Box’ pedals that are now available are literally head and shoulders above anything we had a decade or more ago. And the Marshall character and flavor that the a non-master superlead gives is pure Ecstasy. I have fed my marshall a Pinnacle Deluxe and a BE-OD Deluxe and both sound very, very different and both sound flat killer - better than when I had a cascaded preamp and master volume set up in that amp. The options are endless and again, those Amp in a Box pedals will sound 10x better feeding a Marshall. Because of the natural ‘bleed’ between the ‘Normal’ and ‘Bright’ channels on the Marshall, I find I can tailor the amount of sizzle and low end with the respective volume knobs, even without dedicated jumper cable between the channels. It’s more subtle and allows you to use a bit more of the knob without tearing your head off. I plug into the ‘Normal’ channel for some added fullness, warmth and low end, and then nudge the ‘Bright’ volume up to get the amount of glassy presence without jumpering the inputs.
As far as an FX loop - when you think about it, all the FX loop does is place an insert for time based effects AFTER your gain stages. That’s why you get harsh artifacts with a loop in a head with a post phase inverter style master. By putting your verb and delay on your board AFTER your ‘Amp in a Box’ you really are doing the exact same thing as putting those effects in the loop. I have experimented for hours with my non-master 50 and time based effects are pristine sounding after my crunch / dirt boxes.
Sorry for the long post - but I highly recommend leaving the amp bone stock and experimenting with a few Amp in a Box pedals before considering any mods at all. Then, if there are a few simple filter changes you can make to fine tune the tone stack, so be it. But I would not add any master volume / cascaded gain / FX loop to that amp.