Joined: Nov 2006
Posts: 19,810
Likes: 597
From: NJ, NYC, LI
Bikes: 1940s Fothergill, 1959 Allegro Special, 1963? Claud Butler Olympic Sprint, Lambert 'Clubman', 1974 Fuji "the Ace", 1976 Holdsworth 650b conversion rando bike, 1983 Trek 720 tourer, 1984 Counterpoint Opus II, 1993 Basso Gap, 2010 Downtube 8h, and...
It sounds like you know your stuff, but since you haven't mentioned the following I will.
Look at the derailleur from the rear. Is the cage perfectly vertical? That is, do both pulleys spin on perfectly horizontal axes in all gears? And do the two pulley wheels align correctly with one another? If not, something is bent. If that's the case, bend it back. It may e the dropout or derailleur claw; it may be some part of the derailleur body; or it may be the cage. If I had to guess, I'd say the cage is bent; and that's a very easy fix.
edit:
Ack! what a debacle! While I'm typing, dakl beat me to it!