I've quoted a method below for tuning the Etherwave that I saved a long time ago. I can't find the original source for attribution but if anyone knows I will edit this post.
Assuming your volume circuit is working correctly you should ignore the first part of the procedure. I have followed portions of this procedure to recenter a pitch circuit that had drifted out of range of the adjustment knob. Just knowing which inductor does what may help you correct your problem. If however the tunable inductors have been touched previously then you may need to consider following the full procedure.
Some general tips... If you have an oscilloscope or frequency counter good for up to 300KHz or so available it is a good idea to measure your oscillator frequencies ahead of time before making any adjustments so that you can get back to where you started if you get lost. That said, theremins have for a long time been built and tuned using only a voltmeter or even just by ear, and Bob Moog's original voltmeter procedure for tuning his theremins works quite well (Google it).
Also keep track of any adjustments that you make. Add a little tape flag to the top end of your tuning tool (and only use a plastic hex tool, not metal) so that you can see the rotations that you make and so that you can reinsert the tool in the correct orientation if you must alternate between inductors. Make a sketch of your starting positions and record each change so that you leave a trail of bread crumbs to get back to where you were if necessary.
I've updated and annotated the schematic to match the 11-211J version of the main board, but if yours is a different version it will probably be close enough. You can download it from here. (Errata: C21 should be 4.7uF like C22)
If you are just trying to recenter the pitch range then L6 is probably the inductor to start with. This controls the frequency of the "fixed" oscillator, which is the one varied with the pitch knob. A minor tweak of this will usually get the zero beat recentered on the knob, although you will have to keep slipping the cover into place to really check where you are as it affects the frequencies quite a bit.
L5 adjusts the variable oscillator (the one whose frequency is influenced by the player) and this is trickier because this oscillator frequency has to be optimized with the actual resonance frequency of your particular board and antenna (the components have tolerances) . The bendable wire running above the grounded patch of aluminum foil is there to give the user a small adjustment without involving adjustment of L5 as long as it is still properly calibrated. If L5 hasn't been touched, try to leave it alone unless tuning L6 doesn't do what you need.
And finally, remember that the cover must be in place for the final evaluation, and in fact the screws will affect things a little as well. But don't replace the screws every time that you want to slip the cover back on to roughly check your tuning - you'll wear out the holes. It can be a tedious process but as you proceed you will probably find that you will learn how far off the tuning should be with the cover off for it to be correct with the cover on. I beat the system by building an identical "tuning cover" complete with embedded screws and access holes over the inductors. But even that isn't a complete solution, because different wood affects the tuning a bit.
Use care, and good luck. You can do it.
Here's the "Amos" technique for tuning the volume circuit:Set the volume knob on the control panel to 3 o'clock. Stand as far to the right (pitch side) of the unit as possible, so you are away from the volume antenna. With the unit powered on and hooked up to amplification, reach over with the trimmer tool and start turning L11 through its range. Somewhere in the middle, you should hear a sound start to be audible, reach a maximum loudness, and then die off again. Turn the lug back to the point where the sound is loudest. This should put it in the correct range, to where the sound is silent when your hand approaches the antenna and them becomes louder as you draw away; additionally the Volume knob should be set correctly such that it controls not the actual volume but rather the hardness or softness of the volume curve; meaning how quickly the sound reaches maximum loudness as you draw your hand away. At the clockwise extreme it should have a brighter, sharper attack and at counterclockwise the volume should increase smoothly and slowly as you draw your hand away from the volume antenna.
Tuning the pitch circuit is really an art in itself. Roughly speaking, L5 controls the "top end" or the highest pitch you hear when you are touching the pitch antenna, and L6 controls the range, or how far from the antenna the zero point (zero beat, or silence) is located. I perform the tuning using a special wooden cabinet top with holes drilled above the variable inductors, because the presence or absence of the top influences the adjustments. It is more difficult when you have to perform the tuning with the cabinet top completely removed, and then listen to it again with the top in place to see if the tuning is still correct. Generally I find the top seems to influence the pitch downwards from what you hear with the top removed; if so in tuning it helps to "tune high" by a bit and then set the top in place to see if it falls into range. Here is my procedure.
First, listen to see if the pitch goes higher or lower as you draw your hand away from the pitch antenna. If it goes higher, adjust L5 so that the pitch descends through the zero point and then starts rising again; now it should be in the right direction. The next step is to grasp the pitch antenna and adjust L5 so that the frequency you hear is in the neighborhood of 3.8 kHz. L5 and L6 interact, so there will be a decent amount of back-and-forth between the two adjustments. Once you have the top end around 3.8 kHz, move your hand away and see where the zero point is located. It will likely be too close (too short a scale range); to adjust, stand at arm's length from the pitch antenna and reach over from the left to adjust L6. You want to adjust it so that the zero point is about an arm's length from the pitch antenna. Generally this involves turning the lug in L6 in the same direction as you adjusted L5 to get the top end.
NOTE: if the top is off the unit, you actually want to hold your right hand just about at the front edge of the wooden cabinet (~3 inches away from the pitch antenna) and adjust L6 until zero beat falls where your hand is, only 3 inches from the antenna. In my experience, this translates to about an arm's length when the top is put back on. The top kind of "stretches" the pitch field response by a large factor, which is part of why this whole tuning business is so difficult.
The first time you dial in zero beat, it will probably drive the top end higher than you wanted it to be, so go back to grasping the pitch antenna and turn L5 in the appropriate direction to get back in the neighborhood of 3.8kHz. Notice which direction it went (higher or lower) as a result of setting L6; and overshoot in the appropriate (opposite) direction to cut down on the number of times you have to go back and forth between the two adjustments.