I concur with jd. This is a fairly common complaint on the 1967-69 series of early Solid State receivers with a particular PEC(Packaged Electronic Circuit). The PEC that you will look for is on the Tone control board (Fisher called it the Audio control amp), and is numbered PC50B187-25. It's a little bigger than a stick of gum (there are 2 of them), and has 7 leads off it into the board. The most common fault is the 10K resistor between pins 1 and 7, but also check the one between pins 3 and 5. You can bridge the pins with a paralleled resistor after metering the one's inside to get 10K, or build a new PEC from scratch on a perfboard and install. Your choice. If you can't figure out how to calculate parallel resistance, just post your results on the board and we'll give you a hand, figuratively.
FIX the problems with it 1st, then do a recap. Unless a cap is known to be bad, (it's physically puked or it meters bad) usually only the sound quality is degraded somewhat. Recapping will bring back the original sound quality of the 500-T, and it's quite good. They sound very much like their tube counterparts from the era. Plus they are pretty ballsy. The 500-T is rated at about 40-45watts rms IIRC (it might be a little more). Some strategic resistor replacement will probably be mandated also, although I haven't looked at the schematic and board layouts, I'd think it would be similar to the 700-T in that regard with all of the power supply point to point. The caps being replaced will be smaller by 1/3 to 1/2 for the same value and voltage. Don't let that goad you into replacing with same physical size parts. ALL OF the silver can caps can be opened up and stuffed with new replacements, and installed in the original location. A lot of the point to point caps will be placed between 2 terminal strips. Try and not use radials here. You can but you'll end up adding wire to lengthen the leads to get them to fit. ONLY IF THERE IS NO AXIAL Available. replace all of the power supply caps, the DIODE Bridge (it'll be 4 separate diodes (use 1n5406 here), and the POWER RESISTORS. They take a beating from heat cycles, and in the larger scheme of things cheap.
DO THE POWER SUPPLY 1st. Making sure the power supply voltages are up and correct is one of the 1st things done to ensure it will run right. None of the other circuits like voltages that are off either high or low.
Then recap the main amplifier, and output's (replace the emitter resistors for the output transistors). TEST The 500-T after EACH BOARD. If you run into problems, you know it's in the board or area you were just working on. Fix and move to next section back, rinse and repeat, until you get to the inputs. Then you'll be done and have a 500-T that should be good for another 35-50 years, and your grand-kids can fuss and fume over the archaic design and assembly.
INSIDE ONE's TOO!