Ive had one or two issues with the switching speaker jacks on modern Fender gear ,I had a switch contact on one of the ouptut jacks go intermittant ,definately well worth a look , it effectively shorted the output terminals ,sound dropped away to almost nothing and the amp sounded like it was osscillating a bit ,very similar to what you describe,
maybe the new resistor network is purely there for safety of the output transformer , in case of misuse or intermittant speaker cableing etc