I'm not familiar with the push-to-talk adapter boards. I do know that the "HV" switch turns on a relay with a 120-Volt AC coil. Your PTT adapter should key that relay if you want to transmit. When we install the receiver relay in a Valiant, that switch is left in the off position. The mike turns on that relay when you key.
Leaves me with only two possible explanations. A failed component on your PTT adapter or an error of some kind in the hookup. I have more experience with the Valiant than I do with this model, but the way they both work for PTT is the same, best I recall.
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Looking back I had to install a new Plate switch I’m wondering if I misfired or installed the wrong switch. Strange that IN Phone and switch OFF it keys with the Mike, I see all currents on the meter but get zero output from the radio? The relay on the K1 keying board clicks and works when Plate switch ON?