Not a problem. If you find anything missing or useful. Please bring it up for the next revision.
Keen to see what your OLED images look like
Keen to see what your OLED images look like

The second light indicates that the game is being written. Once it’s finished the light will go off indicating the game has finished flashing.
You should hear an audio file play when the game starts loading and then once again when it’s finished; if you’ve set the SD card up correctly with the audio files.
The only thing that springs to mind that could be an issue is if you lifted the pin from the pad on IC12. I had that happen with my install and it caused exactly what you’re describing. It can be pretty tricky to make contact of both the wire and pin on the pad.
One way to check that would be installing Virtua Fighter back on the multi to see if it works — but obviously disconnect both wires from the multi PCB, make sure the multi PCB is disconnected from the ST-V and reconnect the termination PCB before firing it up.
What BIOS are you using? Also, I believe this is Revision B of the ST-V motherboard right?
Also as a friendly side-note of a reminder to install Multis and confirm they’re working on the firmware’s they’re shipped with only.
You can also keep pressed the service button before powering up so a special service menu will show up and you can test the motherboard. The fact that it worked with one game doesnt mean it's working well. I've seen it too many times.