Generally, because of the bright cap across the gain pot, a JCM 800 stylle (or should I say 2203/2204) preamp can get muddy with Gain on full, depending on your pickups.
Keep in mind, that because of the bright cap, you have alway full gain for higher frequencies, and you somewhat "fade in" lower frequencies. Now, with that you can pretty easily find asweet spot for the lows not getting muddy. This is how I dial in my Jubilee clone to dapt my different guitars, since also has a bright cap across the gain pot.
If this is not satisfying, or a solution for, and it still sounds muddy to your ears, it would be best to give us some good sound sample of the behaviour. Then we can estimate if this is rather normal or sounds like if there's something wrong.