OK, lets try to track down the culprit.
I have to admit I'm out of the TV business for a very long time...
First, lets summarize:
The power supply can deliver 125V to a decent load (25 to 40W bulb)
Once the flyback is connected, the voltage breaks down and the HOT does as its name.
If you are drawing excessive current, R469 should get hot as well.
D484 supplies the -20V but I have not figured out for what...
Have you checked D467, D468, C471?
The main problem with FBTs used to be isolation faults as far as I remember.
The base drive signal for the HOT looks as depicted in the manual?