Both PCB boards have been tested and are good to go . Guy that tested them suggested a couple of things ,weak HF not keeping the arc running or one of the thyristors not firing properly ,or could be the AC/DC mode switch . It's all above my paygrade . I know it's an old welder but when it runs it's bloody good .
The picture of the welder front panel in Post #16, and the internal photos in Post #6 show a great deal of corrosion. Has the machine been kept in damp conditions at some time?
I would suggest that all the bolted and crimped connections should be opened, cleaned, and re-tightened.