First question is to ask is a transmit signal being generated in the first place?
If so, you should hear something on a radio used as a monitor receiver. Since you have the red light, we'll assume the PLL is locked onto the correct channel. Pretty sure it stays dark if the PLL has lost its lock.
You might need to plug a coax jumper into your monitor radio, back the shell down on the other end and use the center pin as a "sniffing" antenna around the transmit mixer chip.
If you hear nothing, the problem is upstream from the transmitter mixer. If you do hear something, especially on sideband your problem is downstream from the mixer chip.
Didn't remember to ask. Is sideband receive working normally? If not, you can skip the monitor radio. The problem is upstream from the transmitter's mixer circuit, probably the 10.695 Mhz carrier-oscillator circuit.
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