[old_tv_nut]

You appear to have horizontal sync problems. Since this could affect color burst gating, you should probably fix the sync first. Those wigglies could come from poor sync separation, a problem with the horizontal AFC, or even a bad signal level due to AGC problems or wrong AGC setting - suggest you hunt down the horizontal trouble, and check the burst gating before tackling color. The color oscillator is probably OK, since you have stable (but wrong) colors.

To clarify: I would try the simplest things first - try adjusting the AGC to see if it makes any improvement.