Tube amps are wonderful and have a unique sound that is very responsive to your playing technique. Tube amps also have an inherent fragility that is absent in many solid state amps - so you have to treat them nice and replace the tubes every now and then.
The main issue with tube amps (and I have them and love them), is that you need to be able to turn them up in order to generate the overdriven tube distortion that we all know and love. This can be a big problem in small spaces unless you have a suitably small amp. Cranking your Marshall half stack in your apartment might sound good, but it won't endear you to the neighbors.
Small tube amps like the Champ work pretty well for this as a result and lots of screaming guitars were actually recorded in the studio with Champs and other small amps. Much of Layla was recorded using Fender Champs and Jimmy Page used a smaller Supro tube amp to record Led Zep I. There are a variety of low wattage boutique amps that are sold primarily for recording purposes because they can be turned up to get the right sound without blowing everyone out of the room. In addition, because different power tubes have their own unique sounds, some newer amps, like the THD Univalve, allow you swap out power tubes to change your sound.
I have an old (64) Champ that works admirably for this purpose. It puts out a grand total of 6 watts and the volume knob goes to 11. Of course there is only one knob on the thing. I have an 83 Superchamp as well and it puts out 18 watts. The Superchamp allows me to crank the pre-amp gain rather than/or in addition to the master volume so that I can get some tube distortion at lower total volume levels, but preamp tube distortion doesn't completely supplant the sound you achieve by running the power tubes at high levels. I also have a Matchless SC-30 that puts out 30 watts, but it is really too loud at that level for in-home recording applications (unless you have a good size room and the neighbors are indulgent). Happily, it has a half power switch so I can turn off two of the 4 power tubes and cut it down to 15 watts. It's still pretty loud at that level and still probably wouldn't be suitable for apartment levels. I'm not familiar with that model Peavey, but the nomenclature suggests it's small - which would be a good thing here I think. You should give it a whirl and see what you think. Have fun!