That is a Turbo Cheap Squeak board.
I have fixed a few of those.
http://www.pinwiki.com/wiki/index.php?title=Bally_6803#Turbo_Cheap_Squeak_.28T.C.S..29
The LED should at least flicker right away.
If it's not flickering, I would suspect the 12V power supply to it.
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Chris Hibler - CARGPB #31
http://www.ChrisHiblerPinball.com/Contact
http://www.PinWiki.com - The Place to go for Pinball Repair Info