Just tested mine using same settings and don't see meter swinging right after completion of character send during short CW delay settings.?
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I did have a 40M parasitic oscillation but sounds different than your symptom, as I could see it in external wattmeter.?
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The Meter signals appears to come from 2ndIF board pins 11/17(+) and 11/16 (-). There are a lot of diodes on both legs of those signals and it might make sense to see what you are seeing if one of them turned into a piece of wire.?
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I would put a scope (or analog meter) on each of those pins while you key and see which "leg" is either pulling up M+ or pulling down M- during those peaks, and then work backwards from there.?
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Craig/W8CS
Greenville, SC
Craig W8CS