Hello, so I did a bit of further testing yesterday.
I removed the linearization coil, but as I expected, it didn't change much. As I said, there is some reasonable audio output when the reference oscillator has lower frequency than the variable oscillator (ie. the wrong way). The resulting waveform looks like this:


As you can see, there is this spike at the top of the waves, so something is likely wrong already. What it is I have no idea.
When I tune the oscillators the right way (f[sub]var[/sub] 0cm there is also an increase in pitch.
So I tried to substitute the 330 kOhm resistors which isolated the oscillators from the mixer for 10 pF capacitors. Mind that 10 pF has about 30kOhm impedance at the oscillators' frequency, so that's quite a significant decrease. As expected, the resulting amplitude is much higher, but the behaviour of the theremin is much the same - here's a recording:
https://drive.google.com/file/d/1nj3-rZS-EUnb7kFxmSSujWRq34LRZEKd/view?usp=drive_link
So I suppose I will try to change some L C values in the oscillators next. But I won't have much time in the coming weeks, so don't expect any updates soon. I will still be grateful if you get any ideas on what might be causing these issues.