With three of the four lights out on the board, I would say that the C4S feeding the shunt reg (the on with the smaller MJE-350) has ceased to deliver the goods. Could be a bad solder joint at the transistor, or between the transistor and the rest of the circuit - or it could be a bad transistor. Since your line voltage is a bit high, the latter is a possibility - that's why I asked, and asked about the cooling too. When you are in there, look for burn marks on the PC board!