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Garbled and poor reception on AM with a new loop, and the radio having worked OK on AM before that, sounds like an open AM antenna loop. Check the loop for continuity with your DVM.
Also: work the bandswitch back and forth a dozen times which will tend to clean it even without any cleaner. Clean the pins of all the RF and IF tubes, one at a time, with some rubbing alcohol if you have nothing better, or even a little WD-40, applied to all pins sparingly with a cotton swab, and then while the pins are still wet plug the tube in and out of the socket several times to clean.
I will bet on the open loop and the dirty contacts. Good luck!
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Reece
Perfection is hard to reach with a screwdriver.
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