Diy PFM flea not working properly

I have maranta cd63 which I modified 10 years ago with Ray’s version of the PFM flea to power a tent clock. After taking the unit out of storage, I’m getting a strange signal at the output of the clock and suspect this is the cause of the cd mechanism acting weird (speeding up like mad, with or without a cd in it). Where to start debugging?

(Can’t find a scope photo at the moment, imagine a sinusoid with sharp points)
 
IMG_9789.jpeg

This is what I see on the scope, also the level seems to wobble a bit. Regulator?
 
When you filter a square wave with a first-order RC filter, you get pretty much the waveform you see. The probe and scope capacitance (typically 100 pF with a passive 1:1 probe, 13 pF or so with a 10:1 probe) could be the C and the output resistance of the circuit under test could be the R. I think you would need something like 100 ohm to 200 ohm with 100 pF (very rough estimate).