Just a few quick ideas, on how I'd shoot this. You know you have voltage from the power supply, good. According to the schematic, you could touch a probe ( we're talking screwdriver tip, anything, not grounded) to the center tab ( wiper ) of the tone control pot. If you hear any output, hum, thump, anything from the speaker, I'd suspect the amplifier was working. If not, disconnect the speaker, apply voltage to it from a 1.5 volt battery and listen to see if the speaker "thumps". Record players are more mechanical than electronic. I'd suspect a bad connection from the stylus through the tonearm to the preamp. BTW ground in your case is positive, red lead on your meter. See the PNP output transisitors and note the polarity of the diodes in the power supply.
Good Luck,
Scam