Hi!
If you can see only one opto lighting then botth D/A converters are faulty. If you look at the schematic you can see that opto I 004 is for the volume - if there is no ligt there is no sound! I would change booth mc144111 (i cant't see anything on your photo (too dark), but you can read the writing on the IC. Nearby the IC's should be written "I 007" and I 008" and on the IC "MC 144111". Please watch out for the right name of the IC's when you order them - should be MC 144111 P with 14 pins.
Another posibility for the malfunction could be IC MC 14447 CP - this is the A/D converter and the heart of detecting your turning on the knobs.
The last possibility is that the optos themselve are defective. To be sure that that is not the case you can messure the voltage on the analog outputs of the MC 144111 P while turning the knobs (very tricky, because there is rather smale place between the pins!!!) - if there is a change in voltage, then the corresponding opto (or the ribboncable from the digital Board to the tubeboard) is bad.
I hope this helps - dont't hesitate to contact me
Bernhard