Yes, I've experienced that particular transformer going bad more than once. oy.
Tropical Fish of Tuckahoe, NY are experts on that amp. Call them. Lucky you, by the way. That's a fantastic instrument--one of the best-designed Wurlies ever, as long as the reed screws are good on it. (and if not, that can be fixed). What's the serial number? The later 720A's are actually from the 145B-era (1965).