After two months on the bench, I am done with the restoration. Thanks to all who helped me through this project.
For the restoration first I fixed the failed power switch by disassembling it and flipping the burnt contact rocker; I also switched the rockers so the half burnt rocker switches the outlet and good rocker switches the receiver power. Then I replaced 100+ capacitors, 5 fuse/resistors, the speaker binding posts, and the panel light bulbs with LEDs. I also replaced 50+ high failure transistors including the TR712/715 (2sd234s which overheat) with MJE15030Gs because they have twice the power dissipation rating; in addition to replacing them, I installed some extruded aluminum finned heat sinks in lieu of the stock heat sinks. For the amplifiers, I also re-applied thermal paste on the main transistors and replaced the trim pots with 10-turn trim pots, which made biasing much easier and more accurate. I swapped out the binding posts with pre-assembled 5-way posts I got from speaker-terminal.com; they fit perfectly and were super easy to install. When I finished, it was popping when powering down so I replaced the relay (didn't fix it) and switched out the LEDs with new bulbs (fixed it).
For the face lift, I stripped the old veneer off the cabinet and replaced it with zebra wood veneer. I used Heat Lock iron-on veneer glue and it worked very nicely. I finished the cabinet with 4 coats of spray-can oil-based Varathane sanding with 320 between coats.
I haven't listened to this reciever for 4 months+ (power switch failed) so it's hard to assess the improvement but it sure sounds sweet; definitely has that clean, pure, and honest Yamaha sound . Oh, and now all the meters work like they should.