It would probably be a good idea for you to call me at 651-330-9871 before starting to make any changes to that Fet Valve 550exr rev 5 amplifier.
There are some things we can do usefully, such as the biasing and other circuit changes to bring it to an Ultra specification, but we must work on the audio boards themselves, and have the equipment to bring the amp up slowly on a variac with a square wave generator, dual trace scope, high power load bank, and a meter to make final bias current adjustments. Mistakes would be VERY, VERY expensive for an amateur.
I think the circuit changes that could be done on the original boards would likely be very risky for someone to attempt without "hands on" guidance at the bench the first time.
Changes to things like power cords, capacitor brands, wire brands , fast diodes, etc. without making the useful engineering changes first will not be very useful. The rule is fix the worse case problems first. Other things probably will not be very cost effective.
Frank Van Alstine