Well the Genalex Gold Lion valve turned up today &...........................it made hardly any difference to the hiss.
For anybody that might want to know, the valve I pulled out was a Sovtek 12AX7-WA.
What I have noticed now is that the amp seems slightly louder at any given point on the volume control & that notes are tighter a better defined. Low notes are controlled better & the treble is a bit 'glassier' - so not a total waste of £35 then.... (& at least I have a spare valve in the original Sovtek).
So what now? I've only tried this amp out at home in a fairly small room & I'm thinking that in a band environment, this hiss may not be an issue (thankfully in a loud rock covers band). Our next band get together is at the end of the month though so I won't know that for a few weeks
More research & posts on this thread indicate a mixed response - some LH500's hiss & others don't. This could be a quality control thing, although when I had the lid off replacing the valve, the internals looked very well put together - everything was totally neat & tidy.
Bearing in mind the hiss on my amp occurs with nothing plugged into the input too, the only other variables I can think of are the cables & the speakers. I bought new cable for this amp due to the 1/4 inch jack outputs - Klotz cable with genuine Neutrik jacks so I'm thinking they should be fine. The amp is outputting to two Ashdown Klystron/Classic cabinets - these are excellent quality cabs so perhaps their transparency is just letting more white noise through.
Or I could just have a faulty head in some other way....
On balance I think in a band environment all should be ok though. Thinking of the tone & volume from this amp for, let's face it, a very reasonable £299.
(NB: item bought from Soundslive - a company I've bought from many times. A bit disappointed then that they were very quick off the mark when I was on the 'phone wanting to buy, but clearly a punter who is not entirley happy with his purchase is a bit of an inconvenience to them....... Big difference to The Academy of Sound who bent over backwards when my Ashdown went tits up, & gave me all my money back (in warranty) when they ran out of options)