A lot depends on the speaker and tube compliment.Will be clean with single coils up till around 2 or so on the volume.After that it will be more degrees of crunch and compression as you turn up.Humbuckers won't allow for much clean headroom unless it's at it's lowest possible vol.
Plug a Tele or Strat in and it's a match made in heaven.
The 5E3 circuit is rather dark.I seem to always plug into the bright #1 input.
One can also jumper the channels to yeild some cool tones.
Both volmes are somewhat interative even if you don't jumper them.
The Tweed Deluxe is among the greatest tone machines of all time IMO.
I had a Victoria 20112 and loved the tone but the amp can be a little dark and doesn't have much headroom, I made one mod that gave the amp dramatic improvement. I replaced the stock Jensen speaker with a Celestion Century and two things happened, first the clean headroom was enough to make the amp gig ready for a wider range of sounds. Second, the tone was improved with a better balance of highs to lows and the volume of the amp increased 2-3 times due to the increased efficiency of the Century speaker 103 dB vs the Jensen 93 dB. (for every 3 dB increase you double the output of the speaker). Try this, you will be impressed, if the Century is to expensive try a Eminence Wizard.
Indeed, with humbuckers, caution and restraint are required. Awesome results are obtainable, albeit not at the volume levels necessary for shows (un-mic'd). I replaced the C12k that mine came with and weber 12a125 (P12R equiv) and the result was considerably less volume. But an improvement in tone. I've played original tweed amps forever, and can confirm that the deluxe is a bit of a different animal than most tweeds. For my group (guitar, B3, bass, drums) it's working out nicely. BTW, I am telecasters all the way.