Does this circuit even make sense?

[hermitengineer]

Confirmed by zooming the scope on the 624 output during sync pulses.  So the PLL circuit only activates on the red cycles.  Makes sense, as 4.45 is just slightly into red.  It activates on the visible lines, at least.  Presumably also on the vertical blanking.  This is probably for line-based field identification.  Since the DC level on the PLL is affected by the tuned frequency of the 624, I bet this has something to do with Q207/C261's purpose too--different FC inputs will bounce the DC around every time it re-centers.  Without vertical blanking (as is the case when no cartridge is inserted and it's just executing junk), this level holds steady and is only affected by tuning C281.

On vertical blanking, it appears that the primary players mess with the FC side.  Z208B activates on blue during VBI.  Z200D also activates during VBI, but only when the PLL is inactive, and ultimately cascades into Z207A or Z207C depending on color.

Anyway, I gussied up the schematic a bit.