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With that “new” power supply what voltages are you showing on your multimeter? Where are you taking the readings? If you were as diligent this time around as in your first post then I’d agree, maybe not power. Just checking since yeah they’re touchy.
 
I had this same problem. The solution for me was the IDE cable that I had went bad. I replaced it and it still didn't work. Then, I got the bright idea to flip the IDE connector that connects to the motherboard around (notched side facing up). It worked like charm after that. I hope this helps.
 
I've killed a System 246 Board before because the PSU was bad and output way over 5VDC. These boards can be very fickle so just be careful.
 
I had an issue with a four player setup (using a used PC PSU). It worked fine when removed but none of the systems would boot up with it. The i/o would blink green but wouldn't boot (solid green is normal). I replaced it with another used PC PSU and it worked great. I didn't change a thing other than the PSU. I went for a EVGA High wattage PSU for my setup.
 
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