The "Presence" control does not clean up treble - it effectively boosts upper-mids/highs. If the "Presence" control is part of the negative feedback circuit, turning up the treble should contribute to more output (and more potential noise) in those frequencies with a more raw (less smooth) frequency response.
The "Treble" control on most amps is typically a passive treble cut - on "10" it passes the least amount of high frequencies to ground and on "1" it passes the most high end to ground (cutting it out of the signal). The cutoff frequency for treble controls is usually higher than the cutoff frequency for presence controls.
Negative feedback with a simple resistor (like the 5F2-A) cancels out a portion of the signal over the entire frequency range, so it's like a passive cut of all frequencies. Turning up the "Presence" reduces the relative amount of higher frequencies in the negative feedback so those frequencies are cancelled less and become more predominant in the final signal.
However, you also lose the noise cancelling benefits of NFB for those higher frequencies.
I really hope this helps but am afraid to read the responses...
Chip