OK, got some fresh tape, re-calibrated the machine, re-biased for the tape, and the same issue still occurs on all channels. I can try replacing components (caps) on a channel card, but since this is a consistent issue for all channels, I am thinking its a common component. I've demagged with a Hand-D-Mag so I don't *think* that's it, and I just replaced the U301 on the Master Oscillator PC board.
Doing some more research on these "rocks", I encountered a post below:
"If there are low frequency “rocks” in the noise that won’t go away then the record or play head may be magnitized, the bias or erase signal may be distorted (bad transistor or resonators out of tune), the record amp bias trap may be out of tune (which can load and distort the bias waveform), or there may be actual DC getting to the head (leaky cap, conductive contamination on printed circuit board). "
Any comments on the above post and ideas for other components I can look at?