OK now your just teasing us. Please post a pic of the front of the instrument too so we can admire your acquisition!
You are correct, the LEDs won't run off battery power. In fact the preamp board itself draws quite a bit of current so I always considered the batteries a backup to the PSU... It's fun to have those LEDs too so you might want to save up for a DS-5.
The flatpack chips on your board and the coaxial pickup connectors make me think it's early 70's. But the small Q pots do make it a Series II. I didn't realize those two features overlapped, I thought by the time Series II started they were already using chips in sockets...
Anyway, here is an explanation of the controls (although your pickup selector switch may be in a different location):
http://club.alembic.com/Images/16271/41122.html?1182027166 Your audio problem is a mystery. But if your stereo to mono cable allows you to hear both pickups (individual pickup volumes change the balance?) that would indicate everything is working properly - except maybe that pickup selector switch. And at least you can play the instrument as it is. Out of curiosity, which switch position is the one that works?
By the way, did you include a couple summing resistors in your stereo to mono cable? (
http://club.alembic.com/Images/16271/24370.html?1138068087) Preamp outputs don't like to be connected directly to each other.
And if you were so inclined, here is a description of how to make the internal 1/4 jack mono:
http://club.alembic.com/Images/16271/29811.html?1152754164 Others here should chime in with some ideas too. More pics please!!!
Jimmy J