After examining the inside of the 1V2 tube socket, it turned out that there was a fair amount of corrosion and other crap around the pin holes. I used a small piece of sandpaper and some alcohol on a q-tip to clean it out. Popped the old 1V2 back in and PRESTO! Back in service with no arcing in the tube.
After that, I continued with the convergence. I was unable to do a good job at the top and right sides of the screen. The top just wouldn't come together, and the coils that use a platic hex tool to take care of the right side of the screen seem to be frozen in place. Well, my hex tools are getting a little worn, so perhaps that's why I couldn't get a good bite on it. Maybe tomorrow I'll go buy a new set and try again.
The final result was a lot better than what I started with, but I am not finding the colors to be very rich on all programs. Seems that different stations on the cable have different levels of color. For instance, if I tune in C-span, I have to turn the chroma down a good bit. On most of the other channels, the chroma needed to be turn up nearly all the way for a decent picture. I noticed one channel that the color wouldn't lock into sync, and another channel that wouldn't tune color at all (but yet on other sets there was color). I have noticed the same thing on my cable channels on my CM color set, but it's not so bad that I have to adjust the chroma for each channel.
The picture tube is a little weak on the green gun, but it seems okay considering.
I'm sure that i'll be able to tweak it here and there as time goes on. Maybe I'll find something else that needs changing.
Here's a cable shot from C-Span.