I've had a POD HD for the last two weeks and have been trying to dial in a reasonable blackface tone. I've had some success, but you have to abandon the presets, which are all distorted rubbish.
The HD's sound quality is pretty amazing. It's not perfect, but it's about 85% of a pure blackface tone for a fraction of the price of a real Twin or Deluxe Reverb, and that's just two amps of 16. It sounds great on headphones, but I haven't yet found an amp that will reproduce that sound.
I wanted to try out H&K Blues Master idea or another small tube preamp, but opted for the Pod on the basis of people's reviews, and when it began to seem that the Blues/Crunch Master is vanishingly rare.
The setting that seems to work is straight BF Twin, no effects, light plate reverb, light tube compression, treble all the way up, presence at half, then use the guitar's tone knob to control the top end.