I tried it out today. It keys the radio but there is no modulation. Is there any way to check just the head unit? Maybe that is the problem.
First I'd thoroughly buzz out all the wiring again. After dealing with several "modified" D104s you never know what people are going to do to them. I'd check for continuity from mic socket pin 3 to terminal 3 and pin 2 to terminal 2 & ground, and make sure pin 3 has no connection to ground. Forget about the colors, just check them all with a meter.
Assuming everything is wired correctly, you could always just pull the battery and jumper terminal 3 to terminal 8 and try it. Of course the modulation would be really low, but you should get something. If not, it's the mic head. If you do get something, then it's probably the amplifier board.
Like Robb said, the easiest thing to try first is swap heads. This is where having more than one D104 comes in handy. If not, find someone in your area and try one.
If it's the amplifier board, you're in luck because there's only two semiconductors and they're both 2N2712 transistors. These are easy to find as NTE85. I've heard of people substituting 2N3904 with good results, but I haven't done it myself. If you try this, keep in mind the the 2N2712 is ECB and the 2N3904 is EBC so you have to switch the leads around.
If you have to replace the element, I hope you go with the one from rbmicro.com so you can give us a review before I buy one.