Just wanted to say I had a similar problem with my Tenma 72-6905 (rebadged GPS-4303) where the output off voltage and current readings on CH. 2 weren't accurate, and repaired it by replacing both RL503 and RL504. One of them had an open coil, the other probably had burned contacts (sometimes worked better than others). I noticed when I tapped the relays with a screwdriver, the readings would bounce around, so that gave me a clue that I was on the right track. Thanks to calin for pointing me to the relays... they wouldn't have been my first guess for this kind of problem.
Unfortunately, drop-in replacement relays seem to only be available from China, so it took a few weeks to arrive, but they were cheap. The original P/N was KDE-HT-124C5, (Coil:24VDC, 2.8K resistance; 3A 120VAC/24VDC). I replaced it with P/N HK4101F-DC24V-SHG, and it looks like P/N HJR-4102E-L-24V would work as well. You just need to confirm the pin configuration is the same. Of course you could hack in other relays with the same specs with jumper wires.
On my PS, CH. 1 was also all over the place, but that was an obvious problem... it had a leaky cap (C806). I replaced several other marginal caps while I was in there as well. It was also missing a couple knobs, so I replaced them with some cheap 20mm dia. knobs (pots have 6mm shafts).
BTW, I never found a service manual for this specific PS, but it looks like much of the circuit is the same as the Tektronix PS280/PS283, which does have a service manual available.
All around, a great deal for $50.
Thanks,
Pat