I think I may officially be quiting this job! With a direct connection to the radio mic audio, there is still no transmit. In fact now that the radio is connected to the head unit, voltage across a 480 ohm resistor from mic audio is 14 volts ppt floating and then rises to 22 volts with ppt to ground. With the NAT audio panel connected, you get a whole different set of results, also depending upon whether pilot isolate is selected or not. I think the radio is doing something very weird. I'm going to try to contact Marconi. Wish me luck with that!
Ok, sounds like the Marconi Mic input is not directly compatible with either aviation carbon mics or modern headsets.
Have you been able to find the mysterious resistors/capacitor circuit under the panel? Sounds like you will have to find those components, determine their values, and how they are wired. Then you either use the existing circuit between the Nat and the Marconi, or duplicate it.