My effect ifs fixed. I'm writing this in hope it may help someone else out with a similar problem. First I check the speed potentiometer with multi meter. This showed 5- and 5+ on the outside legs and a swing in-between on the centre leg when the potentiometer was turned. (so this was ok). I then pulled out the effect pcb. The battery leakage had gone under neath this board as well. I cleaned up all the tracks and replaced the Electro caps in this vicinity. After this I tested it out and......she works!
....that battery leakage....