Thanks for the replies - yes, this is the MZ-1 that I have, the first recorder. Since my last post I found the correct Sony power adapter on eBay (I had a knock off one), but that didn't make any difference either. It was a long shot, but I thought I should try!
Next, I opened the unit up again, this time going as far as to remove the main board, and check that all the connections are seated correctly. I'm beginning to wonder if this unit was bad out of box - it truly is spotless inside and out. I couldn't find anything that looks at all out of place. Testing the unit with the covers removed gave a little more information. When the disc loads and says TOC Reading! there's nothing happening. The pickup mechanism isn't moving at all side to side, and the disc is not spinning. I can hear an actuator noise, but I'm pretty sure it must be the laser focus, because I can't see anything else moving.
Pretty much out of self diagnosis options at this stage. Does anyone still work on these?