I have one that I've had since 99. I really like it and when I step away from it for a while and return I love it. Mine is V2, non phat. To be honest, LD1 Red is not a good sounding voice IMO anyway, so it's a non issue with the version that you have. LD2 is where it's at all day long. Vintage Mesa Mark Series tones. They are pretty similar in sound, with LD2 Red having slightly more grind, while Yellow has a little looser feel and green is in the middle. Look up Petrruci's touring rig video from a year and a half ago, where he has the triaxis out again. Steal that preset, which is built around LD2 Red, for a great, tight rhythm crunch. They need to push some air to really appreciate the tone. I usually use LD2 Yellow or Green for leads, also using different Petrucci settings there as well (they're all over the net). You are not going to get Recto distortion. The distortion is still thick and liquidy, but it's not an easy amp to play. You will notice your playing weaknesses and there isn't enough gain on tap to cover that. With that said, there is plenty of gain once your playing comes around and you will be rewarded with a great sounding rig.
The key take a ways are: Like most Mesa's, the eq section works in series and adds distortion as you turn each one up. The preamp has way too much bass, so keep that setting lower than treble and mid, always. A good start is 5-6 treble, 5-7 mid, and 2-4 bass. The DV setting isn't bad, 3-5(max), most settings work great with it set at 3. It's a preset eq curve that creates a deeper V, the higher the setting. The higher the DV settings, the lower the bass settings need to be. Gain around 7-8 and master usually around 6-8.
The cleans are amazing.
Put a fresh set of tubes in it as well as your power amp. I had a 50/50 power amp for years and after not using it for a few years (let a friend borrow it), fired it up and thought it sounded like shit. I replaced the power tubes and it still sounded lifeless. Cracked up the case and discovered two preamp tubes that hadn't been changed in the 12 years that I owned it. Replaced those, holy shit, it kills now.