To a first approximation, the filter cap is inversely proportional to the load resistance.
An old Fender may be 500V and 100mA. 500V/0.1A= 5,000 ohms.
A sand-state amp may be 50V and 1A. 50V/1A= 50 ohms.
Therefore it would be logical for the sand-amp to use a cap with 100 times more uFd than the Fender. 20uFd*100=2,000uFd. You (probably) really have two 4,200uFd caps in series, 2,100uFd. Nothing has changed, except we take lower lower voltage, higher current, and proportionally more uFd.
Matt is correct about ripple ratings, but in my experience audio amps rarely run into trouble. We "over-size" caps for ripple reduction, and that generally leads to a part with ample ripple current rating. Also we don't work at full power continuously. Do be suspicious of a first cap replacement that is much smaller than the original. Max ripple current increases with physical case-size but decreases with internal resistance. The newer caps have less internal resistance, and can take the same ripple current in a smaller case, but don't let this go to extremes.
> The peavey I'm working on now has 4200uF at 63V.
Just one??? That would be about a 32 watt 8 ohm amp, and it needs a second large cap for output coupling. It has generally (for the last 30 years) been cheaper to use two power caps and no output cap.
> Can I just use a 1000uF value cap instead of a 4200uF in the filter section?
Amp will run, hum will be 4 times higher, and when clipping the buzz-modulation will be offensive. In sustained full-power use, you might actually run into ripple-current trouble.
3,900, 4,200, 4,700, 6,800 would all be appropriate sizes. In hi-fi, more is better yet and in repair, your labor costs dwarf the incremental cost of upsizing the caps; as long as the screws are out and the iron was hot, I'd go 10,000, even 22,000uFd if the rectifier was ample. Or get the ten-for discount: ten 2,200uFd as two parallel arrays of 5 gives two "11,000uFd caps". In gitar-amp work, oversizing may reduce buzz but can also "harden" the overdrive, which is not always preferable; I'd stay near original values unless you have an urge to play with a different sound.
DigiKey has power caps in about every size I've ever needed.