I think it should Mark.
Personally I'd recommend replacing even working fuses at service since most get stressed in use.
Another idea for John, as this 405 looks dud and is going back, try s 306 which along with the 606 is essentially a 405 with the benefit of an extra decade of development.
The current limiting is very different and less aggressive than the 405 - essentially you have a trip sitting in the AC line so that when the whole amplifier draws too much current the thing just turns off.
It's a small power amplifier - smaller than a Naim Nait 1 to give you some idea - so is no power house but you get a real 50w/8R and 75w/4R.
One benefit over earlier amplifiers is the omission of the OP amp input stage and something closer to dual mono PSU - each channel having its own smoothing caps, rectifier, and traffo winding.
Servicing is easy and cheap. Just four PSU electrolytics and four smaller caps on the main board. There is nothing else inside that should need replacing unless the amp has ben abused. You can usefully use slightly larger PSU caps and up the voltage rating with today's caps which are both smaller and superior to those available 20 years ago.
So a nice clean 306 including the cost of a DIY service comes in at under £200.