I would check to see if your reference oscillator is even oscillating.? Do you see 45.250 MHz on TP1002?
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You said it transmits in FM.? Just because there is RF showing on a Wattmeter does not mean it's the correct one.? Check to see if it is actually transmitting on the frequency the radio is set to.
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As someone else mentioned, go through the alignment procedure.? When starting out repairing radios it is often the best diagnostic tool.? You will be probing and adjusting pretty much every circuit throughout the radio.? If you get to a point in the alignment where something is wrong work your way back through that circuit.
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Mike KC3OSD
Mike KC3OSD