So I built up and tested my circuit. It seems to work very well, with one exception - 60Hz line hum. Not surprising, but I can't figure out the best way to reduce/eliminate it. The good news is that initial measurements seem to look as expected (other than the 60Hz spike):
Simplified cardioid-only U87 circuit:
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KM-84 style circuit:
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This is the rig I built. It uses a Cinemag 10K:600 (with interwinding shield), and two 100pF variable capacitors. One cap is in series with the transformer output (as in my circuit above), and the other is only connected to the second set of probes to act as a "dummy" capsule for mics with dual diaphragm/backplate capsules. With the variable capacitors, I can dial in the capacitance to match the capsule I'm replacing.
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Simplified cardioid-only U87 circuit:

KM-84 style circuit:
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This is the rig I built. It uses a Cinemag 10K:600 (with interwinding shield), and two 100pF variable capacitors. One cap is in series with the transformer output (as in my circuit above), and the other is only connected to the second set of probes to act as a "dummy" capsule for mics with dual diaphragm/backplate capsules. With the variable capacitors, I can dial in the capacitance to match the capsule I'm replacing.

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