Thanks for the tip Robert.. Your clue about floating ground helped a lot.
I did a check over the board - Its solid as. So I got stuck in with the multimeter.. Seems there was a break somwhere between the ground pin on the power socket and the inductor. Causing the floating ground.
I was able to rectify by putting a temporary jumper (see pic)
The trace that connects these two points is short, and on the top side of the board and is almost 100% covered by the inductor and the power socket.
After putting the temporary wire in place, the miggy fired up - probably for the first time in 18 years.
:-)
Now I just need to decide how to fix permanently - Either find some fine wire and replace the temporary wire or to desolder both the power socket and inductor in an attempt to find the break.
Advice?