Asking from a point of complete ignorance, how well could vacuum tube circuits do in comparison to low noise semiconductor circuits? I'm thinking about the old Tektronix 1A7 high gain diff plug-in that used parallel Nuvistors. Were they remotely competitive to what we can do today?
Tubes still have shot noise, and other noise sources like from secondary emission.
I remember that different tube types, triode, tetrode, and pentode, had different noise characteristics.
I was surprised that common tubes have relatively high grid current compared to the gate leakage current of JFETs. Only specialty "electrometer" tubes had low grid current, so JFETs (and super-beta bipolar transistors) were a big improvement.
I would expect that the dependence of valves on heaters would make them moderately noisy, but they should avoid the 1/f noise of semiconductors, unless they have a similar mechanism.
1/f noise can be very similar to thermal drift, so it would not surprise me if the high operating temperatures interacting with radiative cooling produce the same effect. In precision solid state circuits, it can be difficult to distinguish 1/f noise from low frequency thermally induced drift.