Could be either one. You can measure which one with a signal generator and oscilloscope. Use a signal generator that can put a sine wave into the antenna jack (around 3mVp-p to 10mVp-p), and an oscilloscope to measure at the inputs of the PCM1804. For example, put a 14.100MHz 5mV sine wave in, tune your QMX to 14.100MHz in CW mode, and you should measure about a 50mV clean sine wave at each of the 4 differential inputs of the PCM1804 (there is a 10x gain through the op-amps just before the PCM1804). If one of the differential pairs looks bad, then look back, likely to the trifilar transformer. If they all look good, it is likely the PCM1804 that is bad.
You can take this measurement at the PCM1804, pins 4 & 5 (inphase) and the corresponding 4th & 5th pins down on the other side of the chip (quadrature). Alternately if it is easier, you can measure at the outputs of the op amps IC405 pins 1 & 7 (inphase) and IC406 pins 1 & 7 (quadrature). If you have a 2-channel scope, you can measure inphase and quadrature at the same time and verify that they are 90 degrees offset. But if you only have one channel, it is ok, because if they look like good sine waves at somewhere near the expected amplitude, they are likely also offset correctly (and you can see the offset in the diagnostic IQ scan test).
Special note: Make sure that you unplug the paddle/key and/or put the QMX in practice mode before doing this measurement. Because if you accidentally bump the key and transmit into your signal generator, it will likely destroy it. Don't ask me how I know....
Stan KC7XE