Bias and Fault are two separate systems, though both monitor cathode current.
Bias:
Each of six 6550 cathodes passes through a 10 ohm 2W resistor.
If *any* cathode is under 0.15V (15mA), an opamp in the left-column diverts current to the green LED.
If *any* cathode is over 0.3V (30mA), an opamp in the right-column passes current to the red LED.
The cathode currents pass through a ribbon cable. Connectors are #1 trouble-makers. Un-plug the cable. Stare and swear into each hole. Re-seat a few times. Study where the wires crimp into the connector.
Fooey on idiot-lights. Get your volt-meter on the 10 ohm resistors, one-by-one. If one tube is idling a lot hotter than the others, use a different tube. If one tube is a lot cooler than the others, try it in a different socket (a first-check against non-tube problems).
If you can get five tubes in the 15mA-30mA zone, and one at 5mA, let it be (while you save-up for a matched sextet, which the owner really should have). The idle condition is not all that critical, as long as it isn't all dead-cold or any tube over-hot.
Fault:
There's a missing detail. What is "FIL1" and "FIL2"? This biases IC2B. Diodes D49-D54 peak-detect cathode current due to signal.
Again with voltmeter on each of six 10r 2W resistor, play the *same* lick the same way and watch the voltage bump. I'm thinking, when LOUD, 300mA or 3V on 'scope, somewhat less on meter, and very nearly the same on each tube. If a tube shows no bump with signal, try it in another socket, then try another tube.
If *any* cathode current exceeds IC2B bias, a Fault is thrown. This *will* happen if the load impedance is too low and you play loud. (Check his speaker's actual impedance- don't assume the label is correct if anybody has been inside.) (Speaker "size" does not matter, though if your test-speaker is too small for 300 Watts then you can't really push it.) It will happen rarely (when loud) if one tube is loafing and the other two on that side must carry its share of the load. (Also if a tube shorts, though that's usually not re-settable.)