The cap might be fine believe it or not, but then again, it may have been the cause of the mess in the first place. I believe that the 40, 40, 40 refers to three seperate sections within the cap - three at 40uF each. A lot of those metal can caps were designed to be multi-purpose in terms of capacitance. Depending on how you connect it, you could have a 40uF, 80uF or 120uF cap. I would be willing to bet that it is connected as a 120uF cap, though.
According to Doug Hoffman, those pots fail all the time.
Definitely sounds like a domino effect. It's hard to say just what started it all, though. It could have been a power tube, the hum balance pot or the cap failed. If it's a bad power tube, then this could all happen again. You really need to determine if those power tubes are good, with no internal shorts or anything...