The radio shack meters are OK for what they are, but they are not active peak reading meters, and the PEP setting is deceptive.
Having said that I have a old dual face R/S meter I have had for many years, it is fine for AVG watts and after a while it all gets relative to me anyway.
The Hr2510 is not a monster audio radio on AM, that is just the way they are built, however it should show some forward and the built in Mod Meter should show that you are getting close to 100% modulation if you have adjusted the AMC control.
Go ahead and reduce the carrier into the amp and see if it will show at least some forward swing.
But if you are not seeing ANY forward with any radio, might be time to look for a new meter.
If the Mod is indeed low, you can lift the emitter leg of of Q114, and put a 1K ohm resistor in series with the leg to the board, Rogerbird has this mod listed on his page.
This will pad the AMC threshold a bit and allow you to get more modulation.
To be honest with you, out of 2 Lincolns, A Hr2510, and A Hr2600 I have never had to do the Mod, I have always had good results by just adjusting the AMC....but each radio can vary a bit.
73
jeff