What you're displaying isn't a schematic. That's a wiring diagram. They are obviously useful too but to visualize how a circuit works you really are much better informed by a real schematic. I'm including two. The only Vibrolux schematic I can find to link is very small and hard to read but I'm linking it so you can see any differences to the similar Tweed Tremolux schematic since the first stage circuitry is nearly identical and much easier to follow. There is a gain difference between a 12AX7 and a 12AY7 but other than that they are nearly identical and one can in fact be substituted for the other. The PI/Driver stages are entirely different but as long as we stick to the first stage up through Volume and Tone controls we are have safe, meaningful comparison.
Even if the .0005 was a dead short (rather unlikely... far more likely to be open or leaky) there should still be high cut occurring when the Tone is on "0", not zero volume. It is vaguely possible the 0.1 coupling cap is leaking B+ voltage which could negate the bias of the following stage putting it in a cutoff condition but that seems a stretch since the amp would always sound odd and weak at any Volume or Tone setting. The caps insure at least some frequency selection not all frequencies. It should not behave like a volume control which is essentially all band. The only simple way the Tone control could act as a Volume control is if either the .005 cap was a dead short or some other manner in which the bottom of the Tone pot is grounded. No condition of the .0005 could do that. Obviously check the low side of the Tone pot to see if it is grounded. It shouldn't be.
Caps are one of the first components to fail so I'd test caps thoroughly but I strongly suspect an improper wiring connection somewhere and any decent tech would do the basics and test for proper voltages everywhere and signal trace, preferably with Pink Noise and a Spectrum Analyzer but only because it is more comprehensive and a bit faster than sine wave and Oscope. Don't get me wrong. It is quite possible to discover the problem with nothing but a voltmeter but it is slower.
If you have a voltmeter and know how to check for leaky coupling caps and have the inclination, do that ASAP but even a leaky coupling cap should also show it's effect on the following stage's bias voltage if it is measured between the Cathode and the Grid. It should be roughly 1.5v with the grid negative relative to the positive cathode. It is an implied voltage created by raising the Cathode above ground slightly. If this is at all confusing or daunting take it to a proper tech and tell him the Tone is acting like a Volume and outline what work you've done so far.
Here's the two schematics