I had demonstrated to me by my friend Murray Zeligman and David Berning that full loop negative feed back was deleterious to linearity(a Berning amp with variable feedback and as the feedback was reduced to zero what I heard sounded better to me).
@dynamiclinearity If the feedback isn't set up right you will get exactly this sort of result. One of the problems is the feedback is sent to the cathode of the input tube. The tube isn't linear of course, so the feedback signal is distorted. This causes additional higher ordered harmonics. Norman Crowhurst wrote about this problem nearly 70 years ago but its rare that anyone has done anything about it.
The solution to that problem of course (one we've used for decades) is to apply the feedback to the grid of the tube rather than the cathode, in a manner similar to how its done with opamps. The feedback is thus mixed with the audio in a resistive divider network which is far more linear than any tube or transistor. This reduces the harmonic and intermodulation distortion generation you otherwise get. Of course you have to sort out how to get the phase right but if an output transformer is involved its easy.