Quoted:
We use a wire tracer or "lost valve locator" to trace wires or specifically to find lost valves, or breaks in the wire.
Something like this:
Valve locator
You may be able to rent one from a sprinkler parts supplier that deals with Contractors. Buying a unit will be about $500 to $700.
Another alternative is to hire a sprinkler contractor to come out and trace the line for you.
Another alternative is to convert the problem station(s) to a stand alone controller like the one linked previously or the Hunter version. The downside to the Rainbird or Hunter standalone is you have to use the corresponding company's valve since these standalone controllers also use special solenoids for the valves.
Problem resolved.
I did indeed forget I had a simple toner for network cabling and I gave it a try but it isn't the best around. One problem is that the tone being radiated from the generator can only be heard within maybe 2 feet of open space of the wire. Once its underground and a lot of compacted dirt is on top of it, I couldn't locate any tone at all. So yeah, I need a much better toner.
So how did I resolve it? Long story short, I had unused wires on my line and switched to one of them. The main problem was the common wire itself which caused all the valves to fail, but I did notice a similar problem with one of the valves specifically (the zone wire on the controller), so I also switched it to another wire.
Well like I said before I noticed a voltage drop. The next thing I did after posting this thread was I ohmed out each line. Now obviously my multimeter doesn't stretch 100 feet, but I had an extension cord that long. I just got some alligator clips and clipped one end to the wire in question to the ground on the extension cord. My multimeter at the valve station was touched to the same wire at that end and then the ground on the extension cord. Some wires came through ok, but that common wire did not. Had around 1.5 megaohms showing on that wire. It didn't help locate where the problem was but it did help diagnose the problem.
For the life of me I cannot figure out what would have caused this except maybe corrosion. The house is 40 years old and that stuff has been here longer than we've been the owners so I guess corrosion is a possibility. I also suppose at some point in the future I should expect this to happen to the other wires.
The moral of this story: If you are installing a new sprinkler system or replacing wire in an existing one, use wire with the most number of conductors even if you won't use them all. Or if you will use them all, then put a second sprinkler wire in there with it just not connected to anything. Sprinkler wire is pretty cheap so this gives you an easy fix if you are ever in a similar situation.