>the positive and negative voltage adjustment went just fine
> LED 2 doesn't come on. just LED 1.
A) You inserted LED 2 backwards
B) You fried LED2 while soldering it
It doesn't really do much except serve as a visual indicator on the PCB, that power is ON.
Can you check with a multimeter if the LED is working or not? If it doesn't lit up, then it's fried. If it lits up in one direction, then you inserted the LED backwards. (wrong polarity)
I get a reading of about 58v at it's lowest for the phantom power. it won't go down any further...
It means the regulator chip is not regulating.
Possible causes... You fried the LM317 regulator, maybe due to a short, or soldering it too long.
The LM317 Regulator will need to be replaced.