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[1997CST]

If it has a Rheostat it could be that. Without serial I cant tell you what your machine has. Also sounds like a LEM problem

[1997CST]

All Miller LEM's operate with a +/_ 15VDC. If you unplug the LEM does your output go wide open?...

[1997CST]

Lets get a few things from you. Low hours? How many? You say OCV is close to right? What is the OCV. I wouldn't worry about winding. 99.9% chance they are ok.
Check weld connections.
Reset circuit breaker(s) CB5 and CB6 (see Section 7-9). Check for faulty remote device connected to RC4....

[1997CST]

Starts at the brushes and works its way from there....