If it's not affecting your audio, just the meters, your attenuator switch is probably afu. It messed me up looking at the thread title "700 Series II WO conversion" and you are showing a 700B meter/light board....
I just had one of mine go bad, doing the same thing, they are crap and if you try to take it apart and clean it, you may never get it back together again. Ask Lee....
I found a switch that would work but it is too big and interferes with the light board. There are switches out there that will work, just need to take the time to suss it out.