If you are measuring 1.22 at pins 4 & 5 of J2 or J3 , this means the IR LED is getting voltage and should be lit. Most mobile phones can show an IR LED lighting up if you use the camera. Some might have an IR filter in the lens , but most of the time the selfie camera doesn't. Here's a picture of the 2 IR LED lit up in my fish tales, they are measuring 1.33 volts across 4 & 5. Pins 1 & 2 or 1 & 3 for the other reel should measure about 13v (open circuit) with the opto blocked and 0.1 to 0.3 with the opto with nothing blocking it (circuit closed and you are measuring the voltage drop of the IR sensor). Put your meter on pins 1 and 2 (or 1 and 3 for reel 1) and turn the reel around. does it change from 13 to 0.1 ? If so , it is not the opto board itself. (Could always be the connection between the opto board and the CPU board (Connector J1 pins 5,6,7 should go to CPU)

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I'm wondering how you are measuring the voltage on the fuses ? Are you measuring the voltages with the DC ground has a reference? And these are DC or AC voltages? The fuses should be measured using AC voltage and you need to measure both sides of the AC voltage , one probe on the connector and the other probe on either (or both) sides of the fuse. You say F116 is 6.5v and that TP1 is 14.9V .. Which is somewhat impossible.. F116 is what feeds the circuit which is then rectified and turns into the voltage at TP1 , which should be 12V. The relation between AC and DC is that an AC voltage is usually measured using RMS , which kinda means "average". You take the RMS value of an AC voltage and divide it by 0.707 to get the true peak voltage. In the case of your 6.5v , if it were AC and properly measured (between pin 1 of J112 and the F116 fuse) 6.5 / 0.707 = 9.19 volts , which is simply not high enough to be turned into a 12 volts DC voltage, let alone reach as high as 14.9.. which leads me to assume that you are not correctly measuring voltage at F116..

Either way , TP1 at 14.9v seems legit since it isn't regulated.
TP2 might be a tad low and could possibly cause reset issues if it got lower. (Capacitors might be at fault here but that's another topic, if the game doesn't reset then it's something to check for another day if it starts resetting)
TP3 at 11.9 is good
TP6 is most likely good as well,
TP7 same
TP8 Might be a bit low

At first glance , your issue doesn't come from power.

Next your test points for the Opto board , also don't make much sense. J prefix is meant for connectors, so you are saying Connector 2 , 3 , 4 , etc .. It would lead me to believe you mean J1 , pins 2,3,4,5 and 6 , but pin 3 is a key pin and no voltage should be present there , and you don't have a voltage for pin 7.. So maybe you skipped a pin and just labeled them J2 through 6.

Or , you really mean each of the connectors label J2 though J6 but then again , these voltages make no sense there.. J5,J6 and J7 only have 1 voltage on those connectors and should be around 12v..

If you could clarify where you read those voltages on the opto board it would help to understand your issue.

You also say opto 1 never changes and test report says it's missing a pinball.. This here has a common link between those 2 errors and it's that Reel 1 and trough 2 are both connected to Row 7 on the CPU board. It would seem to me that the CPU isn't seeing row 7 properly and so it doesn't see the opto 1 closing , and when a ball is in trough 2 it also doesn't see it.

Take a close up and clear picture of all the area below the battery connectors on the CPU board. It's very possible that there is corrosion damage in this area and that it is causing these issues. It could also be J209 on the CPU board, specifically pin 8 that the wire is broken , the connector has a cracked solder or any damage or corrosion on the connector itself. Row 7 is controlled by U19 on the CPU board , which is connected via J209. First thing do to is to check for corrosion in this area , next is to check continuity between J209 pin 8 and opto board J1 pin 6. There should be a direct connection there. Without one , reel 1 can't be detected. Somewhere along that connection it also goes to trough 2 and there should be continuity there as well.

Post pictures for more help!

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