Genius! Probed all the way through the audio path and the signal was fine right up to the output transformer. Perhaps I've got a dud because it looks like it's wired fine. Pins 6 and 7 are connected, there's a 0.01 polypropylene cap in series with a 1K5 resistor between pins 5 and 8, pin 2 of my XLR out is connected to pin 5 and pin 3 of my XLR is connected to pin 8.
Could I have a dud VTB9049?
Could I have a dud VTB9049?