The slam switch won't work without repeats, so that is to be expected. The issue is likely to be the feedback pot, C48 or R41. If you are audio probing, them check lug 3 and 2 of the FDBK pot. If you hear the delay there but not after C48, then C48 is the problem.
The voltage is supposed to fluctuate in the TL062...that's the modulation
The voltage is supposed to fluctuate in the TL062...that's the modulation