The fault turned out to be VT3, which served an identical function to the VT3 in the Simpletone we are discussing here! The oscillator was running, the encoder was running, but there was no RF output as VT3 was open circuit!
I'm hoping he'll sign up to this forum, as he has a nice collection of vintage radio gear, all in excellent condition!
Cees: Yes, all valid points, but I'm assuming that the circuit was tested "as is" before being published, and should work without modification. Before tweaking component values, I think the OP should go through the fault finding sequence that I detailed, otherwise there is a chance of adding faults rather than reducing them!
Once working, there may be room for improvement, but get it working first!

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Pete