Thad, I'm not an expert on YOUR specific Miller welder...
But I know a bit about welders, especially Miller welders... and wire-feed welders.
I very, very, very highly doubt that the issue you're dealing with, is in any way related to the capacitors.
The MillerMatic Vintage is pretty straightforward. Look at the diagram:
First off, the power control is totally switch-based. The control board ONLY controls the wirefeed speed and operation.
The problem you identify, is a power SOURCE limitation... you're getting SOME power, but it is being current limited.
Current limitation happens simply because there's too much resistance at SOME point in the circuit, to allow current to flow at it's intended voltage.
In ANY welder, resistance at ANY point is an issue, but the lowest voltage, highest current points are those most seriously degrading to output... and that's where ANY welding system's greatest failure point resides.
Before you open it up, power it up, clamp a piece of scrap to the ground, set the welder on full-snot output, and lay down whatever bead it will allow, for about 30 seconds. Then shut the machine off, and feel, an inch at a time, from one end of the ground wire to the other. Feel the connections. Now do the same with the gun.
Do you feel any warm spots? If so, there's a high-resistance point in the circuit. Fix that, and repeat the process, looking for another.
If you do NOT feel any warm spots, open it up, and find the current selector switch (S2). It'll have big contact surfaces. Clean them up with some Scotchbrite... not sandpaper, it will leave residue embedded into the contacts, which imposes resistance, and burns them up.
Every large cable connection must be suspected. Unbolt them, scrub them totally clean, reassemble.
While you're at it, disconnect the AC power leads, clean up all those connections. See any green? it's corroded and bad. Check the voltage selection jumpers, and wires on the back of the terminals- it's not unusual for copper in those to be cracked right at the edge where the ring terminals are soldered on.
And keep in mind... you look at both ends, and they both look good... that doesn't mean the middle is good. A multistrand wire exhibits capillary action... surface tension will cause it to 'suck' moisture into the wire. If you place one end of the wire into a bucket of water, it'll draw it into the cable the whole distance within an hour. It can do it from moisture in the air. You can frequently FEEL a 'hot spot' in the wire, and if you flex the wire, you'll feel a stiff, kinda crunchy spot. Cut open the insulation with a knife, and you'll find it full of green fuzz.
Your gun/liner is part of the welding circuit, it HAS to be good inside. If you feel hot spots in the gun whip, you'll probably find replacing the whole whip easier than pulling it apart to solve it. You'll probably find that parts in it are melted from stray heat.
------------- Ten Amendments, Ten Commandments, and one Golden Rule solve most every problem. Citrus hand-cleaner with Pumice does the rest.
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