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Cool man, I picked up my Blackstar HT-20 head brand new last month for $250 shipped & overall I'm pretty happy with the purchase...
I wasn't super impressed with it upon arrival but once I got it fine tuned with the right speaker/speakers it really helped open it up!!! FWIW I did try it through a 70/80 I had laying around & it was awful so definitely recommend replacing that in the combination!!! Personally I'm running my HT20 through a single 12in 16ohm G12H-75 Creamback pretty much all the time, plus every once in a while I'll also hook up my G12T-100 loaded 1X12 which adds more depth as well as pushes a lil more air....
Also I'd suggest you try some 5751 or 12AX7A preamp tubes. The gain structure is pretty all or nothing on the dirty CH & the clean CH doesn't have a whole lot of clean headroom. For me the 5751's did a really good of giving me a lot more control over the gain & more headroom on the clean CH without sucking any of the tone out...
Obviously mine is the 20W head version but from what I've been told people seem to have a lot of the same complaints about the HT-40 (lack of headroom & control over the dirt) so I'm guessing the results will be about the same in the 40W? In any case hindsight being 20/20 I'm definitely glad I scored mine when I did!!!