Tom:
when you say you get a carrier with no modulation, are you refering to AM and 
FM? I would guess so, but which one? one mode or both?
I ask because the TS2000, as you may or may not know has some extra settings 
for AM that, if not set up correctly will produce very low modulation.
I say extra because it has a carier level adjustment as well as an AM power 
adjustment, as well as processor level, processor gain, and mike gain.  All 
just for A M.  You also must be aware of the mike cord causing strain on the 8 
pin connecter...it isn't terribly well clamped or soldered so if it has been 
hanging or pulled allot the audio wire may have disconnected or there could be 
a small short between the audio wire and ground.
As for low power on FM or AM, if you are using the tw2 or another meter to 
check, it could well be a transistor problem....is it only on 2m/70CM or on all 
bands?
73
Colin, V A6BKX