WAVE Fixed.
OK, someone here gave a great suggestion to call Wells Gardner. Did so and talked to a great guy in the Service Department.
After talking to him, I looked at the chassis and realized that the ring that acts as a degaussing coil around the yoke, was plugged in, but did not seem to be working.
The gent at WG had said the coil/ring was supposed to be plugged in above (towards the front of the machine) there was a plug there that was empty and the same size as the coil plug. Well, needless to say I was terrified of frying something (including me), but I unplugged the coil and immediately the "wave" stopped. Then I plugged it into the other socket and the pot started working.
I even checked the degaussing feature by holdind "select" on the adjustment remote. Worked fine. Thanks to you who helped with great advice.
Picture is still a bit goofy, but I am sure a cap kit and tweaking will fix it. I think the ring around the yoke itself got moved and I need to re-adjust it (carefully)
FYI- the coil was originally plugged into a socket labeled "degauss" on the PCB.
Thank you again.