"Seeking spec sheet for 125P1A power transformer"
Schematic shows B+ of 315V, but I'm measuring over 400V
1. Your photo shows nothing connected, so yes, voltage will measure very high because there's no-load.
2. I used to own a 1965 Vibro Champ that also uses the 125P1A power transformer. I had to feed 107vac with a variac to get 6.3v on the heaters (because that amp only has 1x 6V6 loading the B+ winding). If the amp had the 2x 6V6 of a Princeton, something more like 117-120vac on the primary would have resulted in the correct heater voltage.
3. Once fed that 107vac my Vibro Champ supplied 323vac to the rectifier (not the 315v the schematic says) and delivered 366v to the 6V6 plate (over the schematic's 342v but pretty good). There was just-under 18v across the cathode resistor, which landed at a perfect idle current & dissipation.
Bottom-line: You cannot evaluate the voltage output of the power transformer without a power supply & power section circuit to load the windings. You may also need a variac to feed a just-right wall voltage to the primary.
Is it possible to use a zener to get that B+ down to about 280~300V ?
If you do that before there's any load, the B+ will be down to 200v or less once the rest of the amp is there.