Both the External Speaker and Phones jacks have switches that could cut out the speaker, also check the .1 ohm resistor R16.
Wow, man! Thanks for your work, good job! I owe you some beers

I was working on the reverse engineer as weel, I made the model with Target 3001!, but I exceeded with the number of pin/pads of the free version so it was not possible to generate the schematic. At least now I have a nice 3D model of the board

Actually, the switch of the headphones jack cuts the "ground" for the rest of the chain, this doesn't happen with the switch of the external speaker. In fact, if you notice, the + signal of the line out jack goes in series with the ampli speaker. I don't know if the LM appeciates this
The resistor R16 is ok. It measures exactly 0.1ohm.
I finally managed to make some decent measuring on the signal:
- My test guitar generates 40-50 mVac at full volume
- The exit of the first opamp (pin 1) is between 300 and 400 mVac
- The exit of the second opapm (pin 7) is between 700 mVac and 1Vac
- The + input of the LM (pin1) measures always 25 mVac, with or without the guitar signal, so there's something wrong
- before R11 (exit of treble pot) the signal is ok and is up to 200 mVac
These measures suggest that the LM1875 is broken and is dragging down the signal (consider that I already tried to disconnect C23, so it can't depend on the reverb section. C11 and R12 are ok as well).
So, now I'm waiting for the replacement LM from China, I will update you asap