But when I switch the meter to read plate current and put the key down, the meter pegs.
Remember your basic DC theory when it comes to metering... A voltmeter is across the power source ( + & - ) while an Ammeter is connected in series with one leg of the circuit under test. Typically on the B+ line between the power supply and load. Look at the meter switch circuit of the EICO 720, between S4 and M1. You'll see R10, a .512 Ohm resistor.
That's the meter shunt for the ammeter function. With a low value resistor like that across a meter movement almost all current will flow through the shunt with only a trickle through the meter, and that's exactly what you want since a trickle is all the meter needs. If the shunt resistor was open, or S4 wasn't reliably switching it across the meter movement, or there was a bad solder joint preventing the shunt from carrying almost all the current while in TX and S4 was set to plate current...
You'd peg the meter. Be glad you didn't smoke it.
I suspect the most likely fault is with S4, and could have been caused by flipping the meter switch HOT (while in TX) once too often which arced at least one contact finger. If absolutely nothing in the circuit looks arced or otherwise compromised, I'd re-flow the lugs of S4 and R10 with fresh solder. If any of the original solder joints are a dull grey or blobtastic they could be electrolyzed or were cold joints since Day One.
And that's just a wild-ass guess...........................
