I would start by checking your voltages on the MPU and making sure they are all in tolerance regardless of the LED setup the previous owner installed. Then I would be cleaning and inspecting both the card edges of the MPU board and the edge connectors themselves. You can use a fiberglass eraser to clean the card edges of the boards and contact cleaner on the connector itself.
It sucks that the MPU boot sequence doesn't give us any indication of possible errors like on other MPU's. But you can still trouble shoot it. Follow the first steps at 5.6 - http://pinwiki.com/wiki/index.php?title=Gottlieb_System_80#MPU_boot_issues
Thanks
Blake