Let's think about this. I guess you are in record mode? I think that many of the circuits just "monitor" the signal level. For example, I have a few Sansui 9090DB receivers. One of them had a VU meter that did not move, however the signal was equal. I looked over the schematic and saw a meter adjustment pot on one of the boards. The service manual gives instructions about how to adjust the meter pots. When I tried to adj the pot, it immediately started working. However, exactly where it was in sync with the other channel, it dropped to the peg again. Dead spot on the carbon trace of the pot.
I guess what I am beating around the bush about is that I don't think that they are very sophisticated. Maybe nothing more than an AC voltmeter connected to the signal path. I don't know this particular machine but I suspect that it has multiple switch contacts in the signal path and maybe there is some "fly in the ointment" there.
BTW, I forgot to ask. Is there any problem with the audio? Does it distort/break up? Is it playback, or during record or whatever?
Do you know of reel to reel forum? They may very well be more up on that machine. Don't hesitate to PM to me and I will give you a link to their site. Not a whole lot goes on there but never any sniping among members, they just help each other. I wish I could help more. (Sorry to throw so many questions at you!