Tubes, caps and choke all checked ok. Then I turned the lights off to see if anything would light up when I keyed the D104. The back section of the plate tuning cap had a nice blue arc across one of the gaps. None of the fins were exactly centered but one had a particularly narrow gap. I bent the rotor plate away and the problem is apparently fixed. Not sure how a rotor plate that's been sitting in one place for 60 years suddenly decides to move closer to the stator but there you have it. Thanks for the tips and getting me to use my eyes instead of staring at a schematic to fix the problem.
Mark - WA2FXM
BEAR has identified another problematic area of the Valiant.
I can't tell you how many of those 4.7uH L12 cylindrical chokes and the C47 and C48 .01 uF caps I have replaced in Valiants.
An indication the 4.7uH cylindrical chokes has been overstressed or has failed is by examing it with a light and looking for a dark band around it, usually around the middle or lower area.
I replace those L12 chokes with a TDK B78108E1472K.
C47 and C48 can be replaced with 3kV types such as the HCE103MBCDJ0KR.
Phil