Thanks, Joey, I never had a good understanding of what clipping really did to the speakers - despite the fact I'd just written up some other thoughts about it :-)
Greg, the fusing info would be great information to have. You've summed it up nicely, in that something like catching a fingernail could be disastrous, but as long as you don't actually do anything extreme, my experience has been that having an amp rated well above your cabinet's peak handling will be better for sound.
I'm not quite sure why this is, but I think that using a more powerful amp - for the same volume - usually gives you better current delivery, and probably better damping, resulting in a tighter and cleaner tone. In fact, to my ears it seems that all things being equal, you get better sound at the same volume by turning down your instrument or preamp and cranking the amp (assuming it's clean enough). So my preference is to have an amp rated above the cabinet peak (by as much as 50-100%), and either live dangerously, be careful, or maybe fuse it somehow.
(I should note that I play mostly jazz, fingerstyle, not going for killer volume. If I were slapping or otherwise looking for huge dynamic spikes, I might feel differently.)
Dave, amplifier power is usually measured as how much the thing puts out just before it starts to clip. Clipping is bad, because it distorts (sort of chops off or flattens out) the tops and bottoms of the usually graceful waveform, and for various reasons, speakers don't seem to like this. However, if you only drive it to clipping infrequently, and not grossly so, then you can usually get away with it.
I'm not sure how to quantify this, but as sort of an order of magnitude thing, if you play for half an hour and see the clip LED flash briefly half a dozen times or so, and you don't hear anything really gross - and you amp and speakers continue to function - then you're probably fine. A little clipping is okay, you just don't want to make it a habit.
But having said that, it's not just an issue of whether you drive the amp to clipping a lot. You might also have problems if the amp is consistently putting out more current than the speakers can handle.
Most of the time, you don't use anywhere near the full rated power of your amp. And speakers are generally rated for both continuous and peak capacity (though I don't see that for the Acme's), because it's okay to push them hard for a while, as long as you give them some chances to cool off a little (literally, a heat thing).
I downloaded the QSC manual (these things look pretty nice, I can see why they're so popular). My interpretation is that if you have the front panel gain control maxed out (40x, giving 32 dB gain) the 2402 can put 700 watts per channel into 4 ohms, just before the little red light comes on.
If you were to play exactly the same (intense enough to clip at full gain), and had the front panel gain turned down to half, then I'm pretty confident the amp would not put out more than 350 watts (and it wouldn't be anywhere close to clipping either).
Unless you drive the amp to clipping, with the gain turned all the way up, you aren't getting anywhere near the stated maximum power. There is definitely a log function related to sound level in here somewhere, and as you've noted, the -10db indicator means you're only using 10%. I'm pretty sure this would translate into a mere 70 watts.
Regarding your question about preamp level, you can sort of lump a whole bunch of things into this category (everything contributing to gain before the signal gets to the amp): preamp volume, instrument volume, even the trim pots on your pickup preamps. Obviously, this stuff has an effect on overall volume, but you don't really have to think about it too much - just watch those little LEDs on your amp, because they are showing you what the final output level is, going to your speakers.
Look, I wish I knew more about this myself, and I'm definitely not an expert, but I think you're going to have a hard time finding practical answers by searching the web (maybe, or better yet, someone here could straighten us out).
My suggestion would be that you take an experimental approach. Play for a while, at home if your neighbors permit it, or at your next practice, and carefully watch the LEDs as you play louder and more aggressively. See just how much it takes to get the clip indicator to flash. My guess is that if you're as worried (i.e. conservative) as you sound, you probably have way more headroom than you imagine. But take along a spare light bulb, just in case :-)
Your amp is only twice the continuous rating of your cabinet (suggesting it can probably handle higher peaks), and I think you're going to have a hard time driving it that hard even for brief moments. If you normally get by with the amp gain turned down a little, then you're almost certainly safe, and you might as well enjoy it.
Oh, one other thing: I see that there is a clipping control on the QSC, which looks interesting but I don't fully understand how it works, or what their warning about it really means. But if you're already using a limiter earlier in your chain, then I would probably leave this thing turned off. Use one or the other if you're worried (or just like the limiter), but both would likely be overkill, and probably degrade your sound.