Check for shorted output transistors (the big ones). That is a very common failure on audio power amplifiers.
Thanks for the suggestion. That was my first guess, but quick in-circuit testing didn't reveal anything abnormal about the output transistors (Ch2 is faulted according to the LEDs and has no output, but Ch1 still works, the output transistors in both sides have the same resistance measurements forward and backward for both channels).
The Owner's Manual (I'm still trying get the Service Manual) says the Red Fault LED is "due to failure in the Low Voltage Circuit." Looking at the Schematic for the PT 1.1 (and hoping that it's similar to the PT 1 that I have), the Red Fault LED seems to take an input from the Low Voltage circuits, as well as FB from the output of the Channel.
If I'm interpreting the Fault Circuit Schematic correctly, I believe it's actually checking for 3 things:
1) Is the Output from the Channel above/below the voltage from the low voltage inputs to the output transistors (e.g. are the output transistors biased correctly and actually amplifying) - I've checked this and there a difference for Ch1, but not for Ch2 (and the signal at the Base of the transistors is good for Ch1, but just noise for Ch2)
2) The polarity of the low voltage input to the output transistors is the correct polarity (NPN above ground, PNP below ground) - I've checked this and it is.
3) Does the Output of the Channel exhibit a DC Offset > +/- 10V. - I've checked this and it is.
I've verified that the initial op-amps for both Ch1 and Ch2 (as well as the volume/gain pots) are producing the same output signal. So, I think the issue is likely somewhere in the pre-amp, error amp or voltage translator stages (b/w initial op-amps and final output transistors), but without a more precise schematic, it's pretty challenging to follow the signal flow.
However, without a schematic that better matches my PCB, poking around in these circuits is very challenging.