Open up psu, take some pics of it and post on here. Could be degraded cap issue
After some further testing, I am not convinced that the PSU is at fault. All of the voltages seem fine at all of the connectors across the board. The negative rails might be out slightly at -5.38 and -12.68 but I don't think its out enough to cause an issue.
Regardless, I have decided to plough on with my power supply upgrade anyway, just because it is a fun little project, and it eliminates one potential future issue.
The ATX4VC with the Apple II power cable all made up:
Power switch connector, with the cables passed through the board just for neatness sake so, and an isolating backing recycled from an old power supply and cut to size. Holes done with a hole punch!
I did some mocking up with an old microserver power supply, which is flex ATX size but doesn't follow the standard, so has no -12V, and realised it would be quite a tight squeeze, but do-able...
I then bought an FSP Flex ATX PSU from eBay, but unfortunately the PCB was slightly longer, and also it didn't have mounting holes in the corners, so I would have had no easy way to mount it.
The side of the PSU enclosure where the PCBs mount is actually the top, so they hang upside down.
I decided to give up on that idea, and instead I have bought a Streacom Nano 120W, which is a good quality pico size PSU. I managed to pick it up supposedly new/unused for less than the price of a bare Pico 80W with no power brick.
So I am now waiting for that to arrive and I can finish this off.
In the mean time I have gutted the standard contents of the PSU enclosure, and stored it away. I only had to cut one wire to get it out, which now has insulated space connectors, so it will be easy to re-install it if I want to.
I will be making a C14 blank with a hole in the middle, so the laptop barrel connector for the Nano can be mounted where the original power connector was, for neatness.