It is quite possible.
The sound board is connected to J5 on the mpu board.
J5 connects to the Peripheral Bus, which leads directly to the 6803 processor.
Any fault on those lines can have this effect I think.
Check the PIA (6821) on the sound board.
Also remove capacitor C12.
Here is a topic about this cap.
https://www.pinwiki.com/wiki/index.php?title=Bally_6803#Sounds_Deluxe_Board
I'll attach the best schematic I could find from the Sounds Deluxe board.
Peter
http://www.inkochnito.nl
Bally_Sounds_Deluxe_schematic.pdf