Re-check the 5V. 10.4V sounds impossible if the game still boots. All other voltages are OK. The flippers locking on is also strange, since they are not CPU controlled.
The sound board is controlled by driver board solenoid outputs. You might have some problem in solenoid driver circuitry (bad 7408 or PIA). But swapping boards should make it easy to locate the problem at board level.
Don't put any known good boards into the game until you verify the 5V to be correct (4.75 - 5.25).