TR302 and TR401 form a darlington pair. What that means when it is working properly:
TR401 will do everything it can to have an emitter voltage of what is at it's base (minus the 0.7v junction drop). However, if the current being drawn through TR401's collector is more than the current available at the base multiplied by the current gain of the device, it cannot maintain that voltage and both will begin to drop.
TR302 takes the reference voltage at the collector of TR301 (which has very little current capability) and amplifies it to the same voltage (again, -0.7v because of the junction drop) but with much more current handling capability so that the demand of the 401's base doesn't pull it down when it works hard. TR302 is just a voltage follower amplifying the current available at the reference voltage point (collector of TR301).
Now, when things are not working properly:
If the 401's collector is an open circuit (it can fail in different ways), the rest of the 401 (base to emitter) will look like a plain old diode and pass along the voltage and current from the 302. In other words, the power coming out of the 302 will try to run the radio instead of running the high power transistor. And because there is not enough current coming out of the 302 to run the whole radio, the voltage begins to drop as explained above. The current going into the base multiplied by the current gain is how much current can be drawn through the collector before the voltage begins to drop. So, if the 401's collector is open, the 302 will try to run the radio and will not succeed. This will manifest itself as a voltage drop on the output when the output is under (even a small) load.
If the 401's collector is not an open and the transistor is functioning correctly, it's output voltage will depend on whether TR302 is supplying enough current to drive it. This is why I worried about the current gain of the 302, which, for the TIP41C, is lower than the original part. This might not be the issue, but it can be.
This is why I was interested in whether TR401 is acting as a passive resistor or if it has an open collector, because if not (if it is behaving normally), the focus shifts to the 302's current gain as the culprit.