The LW transformer is a tricky one. And, it's a weird design, starting with the speed control that seems like you're moving it backwards to increase the voltage!
My personal opinions aside, one thing that is not mentioned in the Service manual and the wiring diagram, is that once you remove the inner metal frame [with the terminal plate ***'y [pt. # 22-34] still attached to it] from the base plate ***'y [pt. #22-41] you 'll see a thin protruding metal strip that is riveted to the 'U" post. This metal strip extends to the rectifier bracket ***'y [Pt. # 22-66] where the terminal end of it MUST make contact with the corresponding terminal on the rectifier bracket ***'y!
Now, i you re-assemble incorrectly, you'll get no variable voltage. And that's is easy to do, since the metal strip must be situated BELOW the rectifier bracket assembly's contact , NOT ABOVE it, to properly activate the 'direction' function. And it is a bit tricky to get it into its correct position once the transformer has been taken apart. You see, your 'U' post would now be isolated from the core and the current, so, a re-assembly with this metal strip incorrectly ABOVE the terminal on the rectifier bracket ***'y, will put your transformer in constant 'direction' mode!
That thin metal strip is what makes and breaks the current to activate your 'direction' control. Make sure it's situated BELOW the contact point on your rectifier bracket assembly . Needless to say, make sure both contact points are sparkling clean.
I might add this design and subsequent problem with it drove me crazy many times, and I only figured it out because I had another working LW transformer on my bench to compare!
Should you need to look further, I can only say to check to make sure all wiring is properly soldered and that there are no 'cold' solder joints which may also interfere with current flow.
Good luck, I hope this helps. Call me if I can be of any further assistance
Len Carparelli/ L & L MTC LTD /201 438-1266