I'm relieved to know you got it working like it should.
This is kind of bittersweet to me because of not knowing what you had in front of you - it wasn't on my bench to see in more detail. I feel bad that we had to post back and forth in different times and it took weeks to resolve this. IF I had been any form of a counselor, I'd be fired...!
But you helped me answer some stigma's on other radios with SWR issues.
As you know some Cobra 29's have SWR alters on them so you can see a little red light blink away while you talk - usually it's a sign you're antennas' SWR is getting a little high.
But in other radios - this ANT warn light seems to serve more as a Modulation ON-The-AIR light with it winking away on your voice peaks - even though it should be an ANT warn light - some peaked and swing-set radios oftentimes have so much power going thru them the ANT light is more functional as a means for the user to see their voice peaks than to warn of impending doom of blown finals.
What I tried to discuss here, helped me with another thread - here - about SWR Calibration problems with built in metering so it wasn't a total loss on my end, but again for the effort in taking apart my radio to let you see into yours - let me see it in a different way to help me show others why things work, not just the "how".
Because of what I learned - the end result is what they produced to help guide you to use the radio properly - but they never really designed the SWR metering system in these, to offer any true source of 50 ohm matching - they just put resistance and caps in to tone down the power levels to keep the meter from burning up, yet provide some level of scale to show SWR. - they simply tried to make the needle fit the scale of the back-lit decal it used behind it.