Hey Fred,
If you don't already have a service manual (both volumes) try and get one. You'll need to know the test points and voltages for troubleshooting.
It's always possible that someone has fooled around with the eq or gain adjustments so don't do anything radical till you can confirm these with the manual.
Just to be sure, work the monitor switch up and down a number of times and rotate the output knob while listening. If either has a scratchy sound, it may just need to be cleaned.
Past that, unplug the power, and remove the back and top.
Facing the back of the machine, the power supply is on your right (vertical board).
BTW, be sure that the switch above the power cord inlet isn't on battery power (I don't think that the machine will work at all if it is but I've never tried it).
There's a set of wires that leads from the bottom of the power supply board to a multi pin connector on the main control board beneath (large horizontal board behind the VU meters).
Try pulling that connector (use a little flat head screw driver and pry up a little at a time) and reconnect it (if you have some contact cleaner you might as well give the pins a little cleaning).
There's also a smaller connector immediately behind that one. Pull it and reconnect. Those connectors are the power pathways for the main board that's at the very bottom of the machine.
Try the machine again.
If that didn't help, your troubleshooting should probably focus on the electrolytic caps on the power supply board. Look for leaky caps. If the power supply is ok, you should wait to get the manual and go through the checks for the playback amp.