Bruce,
Interesting idea; a pal here in Melbourne had this idea as well.
However, the run a VU meter requires quite a bit more circuitry, almost as complicated at the amp itself. Together with the VU meters themselves, the quality of this circuitry determinates the accuracy of the meters. It can be done without damaging the sonics of the amp, no question, but it requires an additional power supply, typically +/-15V to run an opamp.
Nuthin' for nuthin'!!
Cheers,
Hugh