honestly, i'd say that if you're on a tight budget get a traynor. IMO, after having owned both the 40 red and 50 blue, they're not as good sounding as some of the big ones like laney, marshall, fender, etc... i'm saying this without knowing anything about the mods.
but having directly compared the ycv40wr, hotrod deluxe, and deville, i have ot say that teh fenders just sound better to my ears. i like the overdrive on the fenders better and the cleans are better. as far as the ycv50 blue, i've compared it directly to a dsl401, a dsl100, and the el diablo. overall, although the 50 blue was a cool and reliable amp, i still think the marshalls and genz-benz sounded better.
so my opinion, and i'm sure there will be those who disagree, is that you might want to spend more cash and get something you really want. like i said, that's just me. good luck though, i'll be looking forward to some clips if you do decide to go that route.
