I see that you have a non-factory label on your display ROM, maybe there is a problem with your ROMS? I tried to update the game and display ROMs in my LWJP with images from IPDB.org and had the same symptoms that you describe - blank display and blinking lights. I don't recall my exact troubleshooting and testing but I ended up with the downloaded display ROM 'JP2DSPA.201' and the original CPU and sound ROMs 1.02.