I had the same issue with mine.

Pout would start at 140 watts at initial key down, and drift down to 90 watts.

Rebuilt the AC-4 as the plate caps were "leaking" (could only see "leak" after removing tall "lytics").

Did my own rebuild with two 270 uf, 450 volt caps that I had laying around.

Pout is now constant. BTW, the rebuild also fixed a sidetone issue.

Look at B+ on AC-4 and see if it drifts down when you key, or just rebuild the psu for peace of mind.

Jim

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