Thank you for all your input! 🙇♂️
I had measured the part properly and it was indeed a linear pot, not logarithmic, with the loudness tap exactly at 50%. I suppose the non-linearity needed to get a proper volume control was factored in somewhere else in the preamp / amp circuit?
I tried to salvage the old part with a pencil, as
bob91343 suggested, but my efforts were not going anywhere. The pot was very noisy, the left channel was working intermittently, and the audio that did come out was very "muddy" or low-pass filtered, even when the pot was working.
So I decided to throw it out and replace it with a high quality, brand new component with as many of the same mechanical and electrical characteristics as I could match: 100k linear, stereo, "audio" rated, 6 x 20 mm shaft. I got a Bourns PDB182-K220K-104B from a
local supplier and replaced it. (Only downside is that this model has an indent at 50%, like a balance pot, but all the other features were a match and so I chose it.)
The results were astounding! Audio quality immediately went back to crystalline, as if the amp had been thrown back in time! I don't quite understand how a worn out pot can cause the audio to become muddy. Could it be spurious capacitance? I did notice the carbon track was cut into smaller concentric tracks by the mechanical action of the wipers, over the course of 35 years of use.
I also managed to restore the Loudness function. I measured the 50% taps on the original pot, with the volume at around 50% (the most likely position in practical use) and they were almost shorted to the respective wipers (makes sense) so I just shorted them permanently. Now the Loud button works and I cannot tell any difference from the original loudness behaviour (LOL) so I'd call that a Winner Winner Chicken Dinner!
Again, thanks to everybody for your help.