Your rig is probably working normally.
Hammy rig's S meters are non-linear on
FM due to the limiter stage in the I.F. amp. That stage is there to remove the
AM response in an
FM system. There is a lot more gain because of this. The S meter responds to AGC voltage. That voltage will be non-linear on
FM due to the limiter.
If you wish to have relatively more accurate S meter readings for experiments use the rig on
AM receive to take the reading even if it is an
FM signal.
All this stuff is well covered in older ARRL handbooks.
FM techniques are a lot different than other phone modes.
The 440 and 430 don't share much in terms of layout. The 440 has an additional 455 khz I.F. stage.