It lives! Happy to say that I have found signs of life.
I was poking around the board and found some odd signs of continuity around the C27 cap, so I decided to do some investigating. I swapped out C27 for the original cap, and now I have power to the board. This tells me that my method of testing capacitors is obviously faulty.
My meter doesn't have a proper capacitance mode, so I was simply seeing if the cap would recharge and then discharge. This means I'll be treating myself to a new meter with a capacitance setting and maybe even a little component tester to prevent this in the future.
Anyway, not everything is working, but things are looking better. I still don't get a standby LED, but a small light turns on near the tonearm and I can feel the motor warm up if I touch it. I've begun by testing all the caps to see the power flowing across them:
- C27: 22v
- C29: 23v
- C24: 12v
- 5v Regulator: 5v
The one cap that doesn't have proper power flow is the cap on PCB2. When measuring, the cap has 0V across it with the machine off and 0.5V across it with the machine on. I'm assuming this means it isn't a ribbon connection problem. I also followed Beolover's advice of snipping the ribbon to make it fit into the connectors better, and it does sit very firmly now.
I'll see if I can work backwards, discovering why that cap on PCB2 isn't getting the proper power, but if anyone has any advice in the meantime, feel free to let me know. Thanks, all!