> perhaps the fact that the chassis has not a lick of shielding.
Shielding is about buzzz.
There's huge 60Hz "signal" in any electrified room.
There's no significant source of random un-pitched hiss in rooms.
Shielding can also be checked by moving around. As you get closer to the fluorescent lamp the buzzz gets louder. Long cord in the back yard it gets less buzz, though still some from the internal power supply.
> way I see it there is some positive feedback from the second collector to the first emitter
No, negative feedback.
> after tracing around the circuit I found that the vast majority of the noise is generated at the collector of the second transistor
The circuit has target gain of 200 (100K/500). Hiss may be present but inaudible on your tracer at this stage's input, 200 times louder at output.
I'm very leery of an organ that needs gain of 200 at output. Electronic (not tonewheel) organ tone generators usually have huge outputs, several volts. Voicing and mixing adds loss, but 200X?
Take voltage measurements. It may just be sick.
The numbers are not adding-up (but I'm tired). Are you sure the 10K is not really 1K?
Take out Q1's emitter cap. Gain wil be 10. Do you get enough output?
Replace the 100K and 500 NFB resistors with carbon film.
If old and cheap, I'd suspect every and all electrolytics. Note voltages, then disconnect all four electros. DC voltages should not change; if they do, there is a leaker cap. That's just idle curiosity, I think you may as well replace them all with fresh. Try Q2 cap far larger, 100uFd or more.
Find the power supply bypass cap for this stage and replace it bigger. It is unlikely a wheezy B+ cap will induce hiss in this high-NFB stage, but what the heck.
Put ~~300pFd across the 100K NFB resistor. Yes, this is a low-pass, but elegant.
> The 12 oscillator stages have at least 30-40 resistors per osc
True, but BIG hiss is not usual for carbon-comp in high level stages. Normally you find ONE carbon-comp that has opened-up inside.... replace that, and hiss is back to reasonable. The problem is finding which one. And it IS odd to have similar hiss on two channels.