Hi guys,
I finally got a chance to try your suggestions, and I think I have corrected the problem...
I'm not sure exactly what solved it, but I opened the back cover up again. First thing was to check the battery power--fine. Next, I looked at the boards and none seemed to be touching any sides or anything...
I moved some of the wiring around to look around, and I also noticed that the connection (black, yellow and red wires) running from the gain control to the main board on the treble control seemed to be loose, so I pushed that in tighter.
Once I got everything together and plugged back in, the gain seemed OK--not quite as punchy and bright as the fretless I was comparing against, but I think much better (unfortunately, and stupidly, I didn't plug it in to play before I started).
I'm sure part of why the pop and punch is gone is that the strings are ancient, so I will change them as well.
Thanks again guys for all your helpful tips.
--Travis