Possibly.
Fortunately I've found the error in my circuit. All of the dozen or so sense switches in this machine are supplied 24 VDC and the output goes through a 39k/10k voltage divider to provide a 5v signal when activated. Why change what has worked for 30+ years?*
I my haste to get the boards made before the tariff insanity started, I didn't study the encoder circuit in depth and figured 24v sensor supply --> 24v sensor signal, so the 39k/10k divider should work great.
The 18.8k/10k voltage divider provides about 5v from a 14 volt signal. With my 39k/10k divider, the output is less than 3 volts with a 14 volt signal. Swapping resistors should solve it.
* The original board I'm replacing was solely an interface board, sending signals to another microcontroller control board. It used two 74HC253 dual 4:1 data selectors with tri-state outputs to send the switch and encoder signals to the control board. All 4 outputs were connected to a single data line for the remote micro to read. This arrangement would all you to scan through all of the inputs quickly or to lock onto one signal continuously – like the encoder signal – but that sure sounds like a lot of extra effort to me! I'm reading the switches with a MCP23017 16 channel port expander and sending the encoder signal to the PIC18F micro's timer 1 input. Not all old technology should be replicated