Some more details of our investigation:

1. Here is a spectrum of the signal to the power combiner on the PSL table, measured on the output of the RF AM Stabilization box.
   
   Perhaps these sidebands were the ones I observed while looking at the input to the WFS demod board.
2. The signal looked like a clean sinusoid when viewed on an oscilloscope with input impedance set to 50ohms. There were no sharp features or glitches in the time we observed, except when the 29.5 MHz MEDM slider was increased beyond 5, as noted by Lydia.
3. We couldn't find a schematic for this RF AM Stabilization servo, so we are not sure what RF output power to the EOM we should expect. Schematic has since been found.
4. I measured the power level at the input side (i.e. from the crystal) and found that it is ~12dBm, which seems reasonable (the front panel of the box housing the 29.5 MHz oscillator is labelled 13dBm). The schematic for the RF AM stabilization box says we should expect +10dBm at the input side, so all this points to a problem in the RF AM stabilization circuit...
5. There is an attenuator dial on the front panel of the said RF AM stabilization servo that allows one to tune the power to the LO input of the WFS. Right now, it is set to approximately 7dB of attentuation, which corresponds to -12dBm at the WFS demod board input. I did a quick check to see if turning the dial changed the signal level at the LO input of the WFS board. The dial moves in clicks of 1dB, and the RF power at the LO input of the demod board increased/decreased by ~1dBm for each click the dial was rotated (I only explored the region 3dB-11dB of atttentuation). So it should be possible to increase the LO level to the WFS demod boards, is there any reason we shouldn't increase this to -8bBm (~0.25Vpp into 50ohms, which is around the level Koji verified the mixer to be working well at)?
6. There were a couple of short ribbon cables which were just lying around on top of the cards in the eurocrate, Koji tells me that these were used as tester cables for checking the whitening filters and that they don't serve any purpose now. These have been removed.
7. Added a button to IMC MEDM screen to allow easy access to the MEDM screen with slider to control the 29.5MHz modulation depth - though as mentioned in Lydia's elog, at the moment, this slider has no effect on the 29.5MHz power level to the EOM...