You realize that this power supply has a crowbar circuit.
To see if the system still works, just remove the SCR - if the thing never sags - then the crowbar circuit - including the SCR trigger, has to be checked.
D4 is a 5.6V Zener in that crowbar circuit. Along with R9 - forms a window of "on" operation - as long as the voltage on the positive post of the output, stays above a threshold, D4 pulls power into a limiting resistor of 470Ω since the drop across the diode and the 5.6K pull up resistor bias - keeps Q1 from amplifying anything - it's sits idle - because the Emitter and Base difference is too low to apply power thru to the Collector - or accept a difference in power across it - the transistor Q1 is a PNP.
So for it to fire, it has to see a sag in the load which makes D4 no longer conduct thru R9 that 470Ω (ohm) , instead the transistor turns ON harder - and that Gate trigger - the divider of the Collector output of that Q1 the 100Ω (R12) and that 1KΩ (R11) - the gate fires, the SCR pulls the power down.
The last thing - which really should have been the first thing...
Replace those filter caps - the ripple smoothing they are supposed to do, gets less and less as they age - so it may not be able to filter so the 723 sees the ripple and shuts down output that way.
All cases bolted to the heat sink cannot show short to the heat sink - including the pass transistors.