First of all, the compressor didn't seem to be doing much of anything. No level reduction with the knob turned up to full (even with full input gain and clipping the snot out of the tube), the associated LED stayed green (instead of going red), nothing. A bit of oscilloscope-probing in the signal rectifier area quickly pointed out the issue - there was no real rectification going on. The signal coming out of that stage was still largely sinusoidal, albeit with a small kink at the zero-crossings. Well, that's no good...
Removing the diode in the signal-rectifier for testing didn't reveal anything, it measured as a normal 1N4148 both in and out of circuit. My aforementioned buddy pointed out that the arrangement they had used in this design, a "precision diode" circuit, was somewhat flawed as a concept, as is described in this link over here. I then proceeded to upgrade both channels to the "precision rectifier"circuit (see link above).
