In anticipation of the correct capacitor arriving, I made up an extension cable, in order that the OMM could be be driven by the MI12 on my desk for testing purposes.
Capacitors arrived and sure enough they are the right size this time, so I removed the OMM from the machine, dismantled it and removed the circular PCB. Hey guess what that's NOT an exploded capacitor - it's a blob of paint

Never mind, couple it up to a 10 volt bench supply and do some more testing. PK's tip about the ICL 7660 chip is very interesting. It takes in +5 volts and apparently should 'mirror' this to provide a -5 volt rail, whereas it's producing -3.5 volts.
I identified the two capacitors that it uses to perform this magic (68 uF @ 6 volts), and following PK's tip that they might be low capacitance tried paralleling them one by one with a 22 uF capacitor - it made not a jot of difference. So probably PK's other suggestion of it being over loaded is the case

Now much of the circuitry of this PCB is hidden under a screening can, and to progress it's going to have to come off. Only held down by seven through PCB tags neatly soldered on a very crowded small PCB

Digging out my 'electric pump' de-soldering sucker it looked ridiculously big compared to the PCB, but with a delicate touch, a bit of flux, and adding some low melting point solder to the last persistent lug eventually got it off with no apparent damage.
Now I was rather fearful that the cover might conceal some encoding / decoding logic but in fact it all seems to be analogue OP Amps comparators etc so the full chip count is as follows:
Reverse Side:
LM78L05 (2 off): +5 volt regulator
ICL 7660 : Negative rail generator (should be -5 is -3.5)
LM393M : Op Amp / Voltage comparator
DS8921M : Differential output driver (gives SIGNAL and
SIGNALPlus 3 off SMD transistors
On the Front Side (under the screen):
OSD 15-3TRB : IR receiver
LM833 (2 off) : Audio Op Amp
LM311M : Voltage Comparator
AD848 : High Speed Op Amp
Plus 4 off SMD transistors
On the front side (not under the screen) ZTX 450 discrete transistor
To go much further I'm going to have to make a rig to mount the circuit so that I can safely probe it without doing damage, and also to make up an IR transmitter that sends a train of pulses so I can trace through the circuit.
If indeed one of the circuits is pulling down the -5 v it's going to be a pain to find as the LM833's, the LM311, The AD848 and the LM392 all take the negative rail voltage.
Won't be much more progress today as I have to play host to some guests arriving this afternoon.