So I figured out the issue with module #11, or at least found a work-around...
If the console is powered up with the EQ section bypassed (via the BYPASS switch on
the control surface), the channel is extra noisy...that's what is elevating the meter. Just sounds like a really high noise floor coming off that module. As soon as I enable the EQ section there's a nice *pop* in the headphones and the noise floor is like the other modules even when bypassing the EQ section again.
So this is definitely an issue to be aware of because it is NOT just isolated to the meter...it is an issue in the audio path.
I'm not really sure what would be causing this to happen, and its easy enough to just actuate the BYPASS function in the EQ section when the board is powered up and be good to go, but because it was happening with other modules I assume it may become more of an issue over time. SO...before I put module #11 all back together and move on I'm just doing some tracing out of what is upstream and downstream of the BYPASS switch in the EQ section and sure enough it goes to/comes from the primary card in the module. Maybe a lazy transistor? Or maybe one of those hex-inverter switching ICs is getting long in the tooth? Its just like a good jigsaw puzzle. Once I can physically figure out the path the signal takes through that BYPASS switch it may lead to a specific component I can shotgun OR it may highlight a bad solder joint or some such thing that I haven't realized yet because I didn't have the focus of the specific signal path.
Another helpful observation is that the channel MUTE function (the master kill switch for
the module) *does* kill the noise, so I at least have another
reference point from which to trace if need be.
I will be tapping into the M-500 schematics just for signal flow
reference sort of as a litmus test for what I'm gathering understanding-wise from the physical observations of the M-__ signal path.
At least the hunt has narrowed and there is a work-around.