All right. So fixed it.
I did have a suspicion that the gross current limit circuit may be faulty, which later turned out to be true.
However, i first went ahead to localize what is going on, why why it goes into CC mode. Turned out that it was not the constant current circuit, but the voltage regulator, that went out of regulation, which also results in lighting the CC LED.
The reason it went out of regulation, because its input voltage wouldn't go above 70 something volts. The way this power supply works is it has 2 sets of winding, rectifier and capacitor, both giving around 75 volts. They are in series, but if the load is high, the gross current circuit disconnects one, throttling back the voltage and the dissipation.
Now, this always happened, only one was used, therefore the regulator never had input over 75 volts. This was not immediately evident, as simply measuring the voltage at the filter capacitors showed the correct value.
Once I found this, it was easy to locate the problem, a shorted VR2, a 6.24.2V Zener. Replaced and it works very well, voltages are spot on. Not bad, that I only paid 30 bucks for the "for parts" unit.