As I recall (its been over 25 years since I have seen one), the Model One actually was wired so that the internal circuits were on all the time, to prevent a large turn-on and/or turn/off thump from getting to the amplifier and speakers. Dynaco also did this with their Dyna Pat-5 preamp.
The power switch should have controlled the switched AC outlets, but in some versions of the preamp the power switch controlled a solid state triac that supplied current to the AC outlets. This protected the fragile AC contacts in the power switch. If the triac blew, then it could have blown in the shorted mode, leaving the AC outlets on all the time.
I have no service info on this unit. I was only with VA Systems for a short time. After realizing that I had been included for the use of my name only and was outvoted on all policy issues, I sold my stock back and left the company. I was supposed to get all current production models and service info on all models. This never happened.
Regards,
Frank Van Alstine