Shouldn't I see an almost fully open shutter at these speeds due to that traveling slit? In front of my monitor I can see some banding, but against a bright sky it seems like a full frame opened, faint and but appears like a full frame. It had a problem with the flash sync at 1/125 where the upper third of the frame was completely black (unexposed negative).
No.
Remove the lens & open the back and look at the shutter, from the back of the camera.
Fire the camera in bulb mode & you will see the shutter fully open whilst your finger is still pressing the shutter.
The same thing will happen, shutter fully open at all speeds up to the sync speed, 1/125 in your case, but obviously the shutter will close immediately and not stay open like bulb mode.
'the shutter' is made of two curtains, which you should have seen whilst in bulb mode. the first opens to expose & the second closes. Then winding on, they both move to the start, but staying together, so not to allow light in.
Above sync speed, the second curtain starts to close before the first is fully open, so this is the slit, which gets narrower as the speed increases.
The unexposed part of your film when using flash, shows that the second curtain had already travelled 2/3 of the way when the flash fired (I think the FM curtain travels top to bottom) so if you had the camera set to 1/125 and the sync speed is 1/125, there is a fault with the camera.