Now’s a good time to discus the difference between overshoot in feedback vs non-feedback amplifiers. Despite similar appearance on the scope, they are caused by completely different mechanisms.
* Overshoot in a feedback amplifier is quite malign, since it indicates the onset of oscillation, something that can destroy the amplifier and the speaker it is connected to. It is caused by the amplifier running out of phase margin, possibly the result of a reactive load, but also the result of design oversights in the feedback loop.
* Overshoot in a non-feedback amplifier is quite different. Now, it might be the result of high-transconductance tubes self-oscillating, but this can prevented by grid-stopper resistors and good layout practices. Normally, though, it is merely transformer overshoot, the result of phase shift at the edge of the passband, and has nothing to do with stability. That is what we are seeing here.
Something to be considered about ultrasonic behavior in the time domain: if there is no spectral content in the frequency range of the overshoot, it will never be stimulated in the first place. It never happens.
This is the difference between overshoot in a feedback amplifier and a non-feedback amplifier: in a feedback amplifier, it is a warning sign, like the LOW OIL light in a car. You ignore it at your peril. In a non-feedback amplifier, it has nothing to do with stability, since there is no feedback loop to induce oscillation. It is simply the behavior of passive parts, in this case, the input and interstage transformers.
As you can see, Cinemag has done a very nice job here. (Same photo as above, just tidied up a little.)