The high pitched noise is the Short-Circuit Protection inside the PSU.
The first action I would take is to sniff around the unit if there is the distinct smell of burnt electronics.
After that, a visible inspection of the boards would be in order. Search for obvious short circuits (loose screw, metal chips, copper - also get a can of pressurized air and blow on each board to remove any loose metal that could cause a short circuit. Accumulated dust on the High Voltage-Parts at the CRT can also cause enough current-flow to trigger the protection-circuit). Also look for capacitors that look abnormal and measure the resistance across them. Fortunately, Philips used Axial Capacitors and leaded solder, which means that you can easily desolder one pin and then measure the DC-Resistance of the cap. In a damaged PM3320A I had, one Capacitor failed by becoming a resistor.
As a precaution, I would replace all caps on the PSU-Board, as it is located only 1 or 2cm from the hot end of the CRT and if I remember correctly, the case didn't look like the fan in the back causes much airflow in that particular area.
If that doesn't help, I would suggest to continue with dom0's method of applying 500mV to the rails and searching for the short circuit. On the PM3320A, the Philips Engineers put quite a lot LC-Filters on the boards, which makes pinning down the area of the short circuit relatively easy, provided the multimeter is accurate enough.