Well, it shoud be until the PSU gets going :-). 
Right
  I presume that delay is that 47uF capacitor charging
up. So
 that's probably
 not defective. 
Yes, is this delay. I have change the capacitor with a new one, to be sure
of this delay ... but with no effect
   Maybe IC3001
or IC3002 defective ? 
 Or the transistor is open-circuit? 
 
The transistor (tested with multimeter) seem to be good (the two junctions
are ohmnicalli corrected)
I can try to substitute it. Now I haven't the board near me, I not remember
if is a standard NPN
  Still, you're now down to one simple-ish stage
that presumably you can
 debug. 
Yes , the only question is : what is the tolerance of these protections ?
  Incidentally, I should get a copy of the schematics to
Dave at the
 weekend for scanning. 
They are good ! very good.
I'm writing a little page with information on how to repaire this power
supply, and can complete.
Thanks
Alberto
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Alberto Rubinelli          Mail : alberto at a2sistemi.it
A2 SISTEMI                 Web  : 
www.a2sistemi.it
Via Costantino Perazzi 22  Tel 0321 640149
28100 NOVARA (NO) - ITALY  Fax 0321 391769
Il mio museo di vecchi computers/My old computers museum
http://www.retrocomputing.net
ICQ : 49872318  Skype : albertorubinelli
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