The LED issue is the regulator not working, and this could be for a very, very wide variety of reasons. The most important thing to do is to not assume that the LEDs are the problem and go about resoldering them, as that will damage them and make more problems.
Issues that would cause the problem you're seeing would be as follows:
1. A 6AQ5 might no longer be glowing or isn't present in the socket, causing the shunt regulator not to pull the B+ down to 150V.
2. The high current C4S board is improperly installed on the faulty side. The regulator might be having issues from excessive available current which can happen from mixing up the wires connected to that board.
3. There's an actual short on the high current C4S board causing the current to not be regulated.
4. There's a broken jumper on the center C4S board where the 431 regulators live, which is causing the regulator not to work appropriately.