As for the knobs:
Drive: The ammount of distortion you want to add you your current channel, this makes for a more 'rocking' sound.
Bass: Controls the lowrange frequencies.
Mid: Conrols the midrange frequencies.
Treble: Controls the highrange frequencies.
Chan Vol: Controls the overal volume of your current channel.
Now these desciptions might now be 100% accurate (I don't own the amp so I can't actually test it), but the knobs you described are pretty similar to the knobs featured on almost all amps. As for the favorite settings, I don't really know much about that, but I'm sure it can be found on the internets. Watch out with one thing though, adding to much distortion to your channel will most likely ruin your sound if you are not specifically playing music which intentionally uses max distortion.
Cheers, MerV
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