First I must learn how to open the mic. I have instructions for that now. I suspect capacitors only by hunch. With 20 years old electronics caps are the first thing to look at. While I have the mic apart I will look for dust, clean up the circuit board, look at solder joints. I am well experienced with electronics repairs but this is the first microphone I have serviced.
The noise is a low level continuous noise, but random pops which make the microphone unusable. When I leave the mic powered for several hours the pops decrease in rate and volume (as if electrolytics are re-forming). The pops are the bigger issue.
I now have the mic disassembled.