A matter of identifying the taps (the wires from the transformer) and then putting them onto a switch, like a rotary switch. It's not difficult really, but you need to make sure which tap is 4, 8 and 16 and common. Then just wire that to the speaker output jacks. Peavey made the impedance switching fairly automatic, which is good for most users.
I might be able to come up with some info on this amp, like layouts and color codes. Once the impedance switching is made manual, a half power mod would be easy. If you are interested.

Liberty has never come from the government.
Liberty has always come from the subjects of it.
The history of liberty is a history of resistance.
The history of liberty is a history of the limitation of governmental power, not the increase of it.
-- Woodrow Wilson