Alright, I just fixed one of these suckers. Basically the power supply has issues, I can confirm the wiring that the original poster asked about too.
Pin 1 is Orange, that is definitely the 24 volt, and it runs the motors AND the Claw, AND the sound amp! It jumpers over to it on the main board. if you trace everything out. I went through all kinds of crap to confirm this, and the sound amp will accept up to 32volts.
Pin 2 is Red, that is definitely the 5v.
Pin 3 is empty
Pin 4 is Black, that is definitely the ground
Pin 5 is empty
Pin 6 is Yellow, that is definitely the 12v and it runs the coin meter, and the coin door bulbs.
Pin 7 is empty
Pin 8 is empty, the pins are all numbered on the actual power supply.
I replaced this one by hacking in a more modern crane power supply, and put molex connectors on all the wires so it can plug in and unplug if necessary down the road.
If you look carefully at the bottom connector on the main board, there is a orange wire (24 v) that comes in at the right end of that bottom connector, then runs through a fuse, then follows a trace along the bottom to pin 11 (from the left) a brown wire, then there is an orange jumper wire heading over to pin 8 (from the left). Once I had the power supply back up and running, the jumper wire on pin 8 (from the left) had a bad connection to that pin on the pcb, and all of the 24v for the coils runs through that one connection. Replacing the pin on the wire got the coils up and running again.
Error 4 4 is the claw isn't up
Error 1 1 is the trolley never made it to the left
Error 5 5 is the coin switch is stuck
You have to wrap the drive belt (a 13.5" diameter O-ring, 1/8" thick ) around the post, but wrap the back of the ring around, not the front or it will move backwards.