ok, so i have to assume a couple of things based on what you have posted here, and if those things turn out not to be the case, then everything else i post will be meaningless.
so, you said you have tried different microphones. this means i have to assume that you are 100% certain that the mic you plug into the radio works 100% of the time on another radio or a mic tester that you can hear yourself talk on.
that's verified?
moving on.
you say that you have good receive, and that the radio transmits a 5 watt carrier.
that's verified?
ok.
we are going to follow your transmit audio path from the mic to the driver and final transistors.
your mic audio comes in on pin 2 of the mic jack. from there it connects to the center pin of the DYNAMIKE control. one of the outer pins of this control goes to PC board ground, and the other outer pin connects to C74 and R122.
If C74 shorted, then it will pull all your mic audio to ground.
If R122 is open, your mic audio would not move past this point.
the other end of R122 connects to the collector of TR18, and also to C68 and C69.
TR18 is your AMC control and is taking a sample of your audio and feeding back anything over 100% (or wherever you have VR4 set) out of phase back into your audio path.
this has the effect of cancelling out the "overmodulation" while allowing the audio through at the preset level.
this is very much an oversimplification but i want you to know what the parts are doing.
If TR18 was shorted to ground then all your audio would be shunted and you would have no modulation out.
If C68 was open, or if C69 was shorted, same thing. no modulation out.
i have to skip a few parts in the path just to keep this on point, but know that if i skip them, it's because the chances of them being culprits is pretty low, and we can go back to them if you still can't find your problem.
next in line is TR17, your mic amp transistor. your audio goes in the base, and out the collector. you can check C125 for a short, but again, it's not a likely cuplprit.
If TR17 is open or shorted, you will have no modulation, so check it.
After the audio is amplified by TR17, it goes through C37 to R48 and then in to pin 4 of the audio chip.
then it comes out of the audio amp, through C48, then into the transformer, then out of D8 to the collectors of the driver and final transistors. the reason i don't think your problem lies after the audio amp is that if C48 was open, you would have no receive audio. If the transformer was bad, you would have no voltage to the driver and final, and thus no deadkey wattage. same with D8. if it's open, then no voltage to driver and final. you have a deadkey so i think these guys are all ok.
if you have receive, then the chances are that your audio amp is all good and the problem lies somewhere in the path that i laid out.
in general, when it comes to troubleshooting electronics, you suspect the semiconductors and active devices first, then the peripheral passive components like capacitors, resistors, and coils.
my first guesses would be TR17 and/ or TR18. i know you said you checked them, but you might try just replacing them as they are cheap and easy to come by.
remember that TR18 is a PNP transistor, and TR17 is an NPN.
all this is of course assuming that your dynamike control is all the way to the right. LOL
just had to put that one in there!
best of luck, and please post back your results for all to see so that others may learn.
here is a link to the schematic i am using for this:
http://www.cbtricks.com/radios/cobra/29ltd_29ltd_st_29wx_st/graphics/cobra_29_ltd_classic_sch.pdf
LC