Interesting schematic.
Try to check the PS with another radio and see if the same symptom occurs.
It may seem strange, but the problem may be in the radio, for example, the final amplifier transistor in the radio may be shorted out and so, the overcurrent sensor in the PS (basically, LM723 + 2N3771) will drop the output current/voltage to minimum for safety.
Another test would be to measure the voltage at the base of 2N3771 with the radio turned on and then keying the radio. if there's no problem ahead of the PS, both readings must be pretty close (if not the same)
If both are different, try the same on PIN10 of LM723. It's the output to the voltage/current control. if there's nothing wrong there, maybe you want to pull out RCA29 and test it.
Disclaimer: Do it at your own risk. It's just my two cent's, since I'm a little bit rusty in analogics.