Re: which amp?
The Peavy is the better choice of the two. I owned a Hot Rod, and while it has a great clean channel, I didn't care for the OD at all.
You can get several good all tube amps in the $500, $700 range. Traynor Blue 50....Fender cleans and Marshall OD in one. Crate also has some really nice tube combo's out that are getting rave reviews. Marshall JCM800 combo's are at the top end of your range...$700+, but look for the JCM600 series....great amp for the $$, or some of the JTM 60's and 30's. Lots of choices.
I highly suggest searching eBay and finding a good deal on a used amp, of whatever interest's you. I've bought all of my amps used, and have never had any issues. You get more bang for your buck used, IMO.