I have tested the modulation today, and you have right the low frequencys are missing. There is a capacitor C7 in the Alinco Control panel which forms a high pass filter in combination with Remoterig. I soldered a 1uF capacitor in parallell with C7 and then the modulation sounds normal. It's done in 5 minutes just take away the back of the frontpanel and find IC2. C7 is connected to pin 1. Then solder a capacitor in parallell like on my photo. Service manuals can be downloaded from the Alinco website but I don't think you need it.
73 de mike