Alex, I don't know how good your 'scope is, but when I view my unloaded Track signal, there is absolutely no distortion of the sinewave, with or without my metering circuit attached. Your waveform has significant even-order distortion without anything attached. That type of distortion won't do much to the FM signal, but it shouldn't be there.
My amplitude on my 'scope is 5V p-p, which is reasonable for a circuit that has a +5V power supply.
I just tested my first batch of five metering circuits, and they all indicate 1.95-1.99V on the meter. The Base signal may be sagging slightly as the Base warms up.