It sounds like a failed tweeter. Disconnect the tweeters from the crossovers and measure DC resistance with an ohmmeter. They should both measure the same within a few tenths of an ohm. This is not a definitive test as there are failure modes that do not change the resistance. Try swapping tweeters. Try swapping networks.
Try driving the muffled speaker from the amp output currently driving the non-muffled speaker, etc. Swap components/channels from the known-good channel into the muffled channel *one at a time* until you hear a change.
If the problem moves with the networks, re-capping *might* be in order. My AA networks are ~32 years old and the capacitor values (capacitance and ESR) measure OK. I'm not a fan of replacing film or paper capacitors just because of age. If a cap measures poorly enough to indicate replacement, it might be prudent to replace the other caps in the same network or stereo pair of networks.