L1 and the square magnetic hysteresis symbol drawn near L1 tells that L1 is the mag-amp coil that does the post-regulation for the 3.3V. If R49 (4.7\$\Omega\$) is OK, check the mag-amp components that drive L1 (not shown in the schematic crop attached in the OP).
Attached is the full schematic. I can't vouch for it being 100% correct, obviously, but every part I've compared has matched, barring minor details like exact part numbers (e.g. D13 is an SBL1040CT), some component values (e.g. C23 is 1000 uF) and unpopulated components.
I had been looking at that part of the circuit around Q7. Was attempting to check it, but got quite confused at the results until I realised a jellybean 8550 PNP transistor has a different pin-out to an 8550
S.
![Face Palm :palm:](https://www.eevblog.com/forum/Smileys/default/xfacepalm.gif.pagespeed.ic.EBDwh1hCfo.png)
However, even after resolving pin-out confusion, I'm still getting approx. 0.18V on diode test both ways across one pair of pins (forget which, I neglected to write it down). I suspect I need to de-solder it to test properly.
R49 seems okay, and measures 4.3 ohms in-circuit. Looks like a 3W size. The colour bands on it don't make sense, though: orange/brown/black/gold. If we assume the first two are poorly-tinted and are in fact yellow/orange, that makes more sense - but black, making 43 ohms? It's definitely not grey or silver either.
![Confused :-//](https://www.eevblog.com/forum/Smileys/default/confused0024.gif.pagespeed.ce.5xOqKkq0Co.gif)
By the way, all the electrolytic caps in this PSU - with the exception of the large mains-voltage caps C1 & C2 - are fairly new because I re-capped the whole thing about 1.5 years ago.
I'm thinking maybe if Q7 is bad I can bodge in a BC327 as replacement, even though the pin-out is different order. The specs seems fairly similar. BC327 are the only TO-92 PNP transistors I have at hand.
You cannot expect ATX PSU to work properly without any load. Many outright shut down. Loading resistors by themselves usually do not provide enough load for proper operation. And even if PSU works, voltages are often off because group stabilization cannot deal with it.
Ah, c'mon, this isn't the 1980s anymore. I don't recall coming across any ATX PSU in the last 20 years that didn't produce in-spec voltages with no external load.
And I already said the behaviour on the 3.3V rail is the same low 2.7V avg. output regardless of whether there is a load or not. And by load, I mean hooked up to a PC motherboard, HDD, FDD, GPU, optical drives.