It seems theres are two of thses pots, one for each push-pull channel, so it is more likely an idle current balance adjustment pot for each PP pair. The cathode bypass cap could have developed a short, or somehow there was a short from the connecting wire to chassis ground at the wiper of the pot, leading to excessive current through that pair of output tubes. There also seems to have an identical cathode bias resistor on the other channel, so the two chaneels are biased separately. As such, the other channel should still be OK. As long as the power transfermer is still good, it should be an easy fix.