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.
Tube noise:
The theoretical input noise voltage density for a small-signal triode operated in normal (negative grid) circuits, space-charge limited, is usually stated (in older books) as that of an equivalent noise resistance approximately equal to
RN = 2.5 /
gm .
Adding extra grids to make a pentode increases that because of the statistical fluctuation of how many electrons emitted by the cathode flow to the screen instead of the plate ("partition noise").
Grid current is an interesting phenomenon: at DC and low frequencies, it varies with grid-cathode vooltage. At RF frequencies, there are other mechanisms that increase the noise current due to coupling from the cathode emission.
It is often ignored when the grid is negative with respect to the cathode, although it is macroscopic with the grid positive, forming a diode with the cathode.
However, there are several sources for grid current, which have different polarities. It is possible to find a range of negative grid-cathode voltages where the different components cancel, giving a net current that is very low.
Attached is a graph of grid current, along with plate and screen currents, that I measured for a high-gain pentode (E180F).

Although this shows a region of very low grid current, since it is a sum of different paths the standard deviation (noise) of that current can be important.
In general, one should not run such a tube at very low grid bias (highest cathode current), since low grid reverse bias does not stop the energetic electrons emitted by a hot cathode.
Another reason to avoid grid current is that away from the "plateau", the grid current is a non-linear function of grid voltage and can induce distortion when driven from a high impedance source, such as the output impedance of the first stage. (Guess if I learned that the easy or hard way.)