OK, it's possible that IC701 is faulty, but most likely something is loading the 5V rail down.
I can't give you a step-by-step because the service manual doesn't have images of the circuit boards so I can't trace the 5V rail, but you can try a few things.
See if you can find any tantalum capacitors. These are common causes of problems. There are two types - through-hole ones (with wires that go through holes in the circuit board) and surface-mount ones (that are soldered onto pads on the top of the board).
Through-hole ones have a distinctive shape a bit like a teardrop. They're usually mustard-coloured but sometimes green, red or orange. They are marked with a capacitance value, often indicated as three digits where the first two digits are often 10, 22, or 47, and the third digit is 4, 5, 6 or 7, and a voltage marking (e.g. "16V"). Polarity is also indicated somehow, usually by a line on one side or perhaps a "+" symbol.

Surface-mount tantalums are rectangular, usually mustard-coloured but sometimes black, have a polarity indication at one end (often just a line), and capacitance and voltage markings like the through-hole ones.
If you can find any of these, check each one to see if it's hot. Test them carefully at first; you don't want to burn your finger!
Also, check every IC (in fact, any black plastic component with three or more pins) to see if it's hot. Discharge any static electricity on your body first, by touching the heatsink tab of one of the regulators.