I will try and chip in, albeit a bit late. I also play a Classic 30 and was having trouble with the volume in a jam, but that is at like 3 - 4 on the dial. Only about 25-30% (goes to 12). Now I think I am at around 4.5 on the clean channel. I bought an extension cab, closed back w/ 16 ohm speaker. Probably not the greatest one in the world, but when I set the Peavey on top, it helps me hear quite a bit better.
Like RiverRat notes that you can only use a 16 ohm cab, which is true. When you plug it in the external speaker jack, it puts the speakers in parallel and switches the OT connection to the 8 ohm tap. If you want to do something even more different, there are mods where you can bypass the internal speaker and use an 8 ohm cab. A quick Google search for Peavey Classic 30 mods will get you the page. Strummin notes that with the less ohmage, you don't get more power. A strange effect of tube amps. I still struggle with that one.
T. Jedi is right about standing too close, etc. We have recently jammed with a drummer who without a doubt is the loudest drummer I have ever played with. I had to up my volumes to 4 - 5 but not above that. I could go a bit louder, judging for the jam recordings but 30 watts should be enough unless you have a really, really loud drummer or maybe two drummers?
I am competing against a 65 watt SS amp and a bass w/ 350 watts, so these I would think are regular powered amps for a band. Mine might be a bit under powered to compete, but the extra cab and pushing more air certainly helps. Getting that amp up will also help out. All this mentioned before.
I have been searching for a 50 watt amp that would be similar in sound and have only come up with one. I am not looking for a Classic 50... too heavy, etc. I have found the Epiphone SoCal head to be pretty close and with a re-tube (highly suggested as apparently the stock tubes are not that good) it should get pretty close to the Classic 30's sound.
I re-tubed the power section a couple months ago and think I notice a small but discernible additional power output. Could be my imagination. But I prattle on.
Good luck with trying some options.
Dave
The river keeps a talkin'