Having built a DFCW modulator for the HB-100 controlling the operating voltage, I could observe that a difference of +130 mV in the supply voltage causes about +200 kHz shift. The higher the voltage, the higher the frequency.
Besides the lack of temperature stabilization, switching voltages affected negatively the resulting RF frequency, causing all sorts of short-term drifts. Most likely I will switch to FM-modulated CW (audio tone over the carrier) once I want to have a real QSO and not just a reception test.
