I do not think this is an analogue mixing problem. That would result in reduced blues. I think the problem might lie in his VDP, in the DAC for the blue channel. Look at Sonic's spines - what should be dark is actually lighter, and areas of darker grays aren't tinted yellow/green. I believe the MSB of the blue color is simply missing, and his blue channel is effectively the two low bits.
Here's a side by side of his picture and a proper Sonic 2 title screen:
See the harsh changes in the shading of the blue area.
A re-soldering of pins or capacitor replacement will not fix this sort of problem as it is internal to the VDP (the MD does not expose the pixel data digitally typically).