> the picture I got was of a unit that had definately seen a hard life.
Hold it together with duct tape. If the PCB is cracked, the whole beast is a paperweight; otherwise cosmetic flaws are trivial. (Busted meters are a REAL problem: you can't replace those.)
> Is the PS a common failure point on these old beasts?
No, but I had the idea you thought it needed calibration. If the meters sit where they are supposed to (0dB in GR, below -40dB in Level with no signal, and bouncing with signal), any trimming you do inside is likely to make things worse. In fact I think the only real "trim" sets the "4:1" mark on the ratio knob to really be 4:1, and that only matters to testers. If you just want to use it, the numbers don't have to be right.
But if it is reading wrong in both channels, then the power supply is the most likely suspect. It is the only part that works hard.
Scratchy pots? The pots don't pass audio, they set DC voltages and have caps on them to filter any pot-glitch. They'd have to be cracked right through to be a problem, and you could hack-in some Radio Shack pots and let it live again.
Are these things REALLY selling for $500-$1,000???