The correlator is interesting. I don't see how it works. In the perfectly-tuned case, how does delaying the signal by half an (IF?) period and inverting it yield a match for the original signal? Inversion isn't the same as a delay.
I guess the idea is that the 70 kHz IF is effectively sampled at 2x the necessary Nyquist cutoff needed for 15 kHz baseband audio. So the signal content at half the period can be relied upon to match after an inversion and delay, assuming it was (a) band-limited at the source (or by the clever deviation-reduction scheme), which it would be; and (b) tuned correctly.
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