"Smells" like 2 issues.
PSU needs to be checked for excessive ripple.
The PSU seems like a very basic transformer, full-wave rectifier (possibly where the 120Hz comes in?), with some high output caps. I'll check it regardless.
If it really has never been used, the ripple may reduce as the Ecaps reform with the power on.
Sorry, I'm not sure what this means. I
think I somewhat remember / understand: my guess is that when capacitors haven't been used in a long time people recommend applying a low voltage to them so they may 'rebuild' the dielectric.
If the output is not SC protected, the output amp could be damaged.
I was planning on replacing the op amp, because I have some very identical ones with exact same pin-out and similar ranges.
Trace the output waveform before the output stages and check for "purity" and loss of gain near the output.
I'll trace the waveform along it's path when I get time tomorrow, thank you so much for the help!