Quite some time ago I was at a meet with my unmodded Sugden Headmaster and compared it to Carlos-modded one. Both owners and one or two other people did some comparisons and no one could hear any difference.
This could be because of noisy meet conditions or not the right CDs or various other factors, but my conclusion is that there couldn't have been that much of an improvement if various people are straining to hear it a difference and don't. I saw later that the owner of the modded one was claiming that there was a big difference, without mentioning this particular comparison...so I'm sure there are many that hold this opinion.
As I recall the main mods involved the power supply caps; I had looked into it because I was thinking of doing it. After the comparison and thinking about it some more, I dropped the idea. I find that the main weakness of the Headmaster is the lack of bass slam, and that is probably due to not enough current from the single pair of output transistors. Its been a couple of years since I looked at the pcb but that's what I recall. As a preamp it is pretty good but not quite as good as a passive preamp with dual stepped attenuators in one comparison I did (not as transparent), but passive preamps don't work in every situation. Overall still a very good amp, very open and spacious for a solid state amp...I've heard few that could match it in this regard. One of those that could (not based on a direct comparison however) is the Beta22, but then it is much larger and more expensive. I like the size of the Headmaster, and have not decided to build the Beta22 yet because it is so big.