The Apt is a great preamp.
Out of curiosity: when was the last time the electrolytics were gone through/replaced?
Not that those would affect the balance issue, but: the pre is somewhere around 40 years old now.
Regarding your question: the Selector switch grounds R122, when Phono 2 is chosen, to enable it. Try opening the chassis and cleaning it's contacts, as well as those of the R122 trimpot (Phono 2 Balance control), with some contact spray.
Of course: you'll want to check for any possible corroded/damaged contact areas/points. If not visible: use an Ohmmeter to test the selector for continuity* and pot, which should be variable, from 0 to 250 Ohms, IF I remember correctly (it's been a minute).
*There shouldn't be any continuity, from the ground of R122 to chassis, until Phono 2 is chosen, via the Selector.
That's all I've got. Hope it helps!
Happy listening!