R105 is the modulation adjust on the clipper board and will have no effect since the board is bypassed.
If the receive audio doesn't fall off, than the audio/modulator circuit is ok because xmit and recv both use the same modulator.
I agree with your comment that the culprit is the modulation transformer. Maybe some turns in the secondary winding used for transmit are shorting as it warms up, and are lowering the modulation voltage. Check if the mod transformer is getting hot. this is my best guess w/o actually having it on my bench.
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