Please refer to this post regarding the dip switches:
https://www.arcade-projects.com/threads/konami-python-world-soccer-winning-eleven-arcade-game-style-pro-evolution-soccer-the-arcade-help.26423/post-427372
Dipswitch 3 up is JVS mode, down is JAMMA (JS) mode
Dipswitch 4 up is 31Khz, down is...
That "dongle card" is the SONY black memory card, that is where the Python1 reads the boot program from. The blue screen is the PS2 BIOS telling you it was not able to load the boot... You solved that already so no problem there.
There is a option on the Python1 to use JVS or JAMMA,, you set...
That board as is will only work for games which use the CPS-B-01 PPU2.
It simply "happens to be" what people call "decrypted games" because B-01 is the most common PPU2 variant the hacks target it.
Because it is the B-21 chip it can be modified to behave like a battery board. But that is a bit...
Do this simple test to know if the drive will crash on T4:
Connect the drive to a power supply (no need to connect the data cable) and insert a DVD disc in it.
If the disc stops after a time the drive will crash T4. Only drives that don't stop the disc will work with T4.
It's just that you keep whatever is left of the original data. That may help even in investigating how the CF failed and if it's still usable comparing with another dump.
I don't know but I don't think the CF cart has any kind of protection. Maybe the konami board only accepts that particular type of CF card though. Pray for it to not be physically damaged.
Make sure you read it whole before you try to rewrite.
If the image on the arcade monitor looks dirty or weird, the board might need a recap. There are voltage regulators on the board which rely on the capacitors to function properly, noise on the video signal mean the power being supplied to the board is having issues.
The PS2 memory card is not a normal memory card. It's a COH-10020 boot "dongle" with the Konami Python boot loader. It's identical on all Python1 boards.
The CF card that contains the actual game data. The error message is regarding the CF card that might be corrupt or damaged.
The Python board I used to make pictures had a problem with the sub board. I had it recapped to solve most of the issues. It also had some problems with corrosion on the main board which I also solved.
While it was still powering on it had almost no video output.
Then it's busted and require repairs. If you dismantle it you will notice it has a sub board that connects to the mainboard, That is the power supply for the jamma mode.