Quoted from Dogadillo:
If those connectors are bad, should I just consider ordering a new board or is it salvagable?
Yeah- that header looks a bit questionable to me. I would suspect the mating connector is also discolored?
Yes, it is absolutely salvagable. There are a number of tech's (myself included) that can help you change that connector out. If you're not comfortable soldering it, or would prefer peace of mind getting a brand new board, that option is there as well. I had a power supply that was too far gone to repair and opted for a Rottondog replacement. Worked out great!
Before you consider repair or replacement however, do check your current voltage readings as discussed above! We're looking for +5v on the CPU. The status LED's should help you quickly determine if its working and or working properly. See the link below for the LED flash sequence:
http://www.pinwiki.com/wiki/index.php?title=Data_East/Sega#Data_East_CPU_Board_LED_Flash_Sequence
No LED's = no power. Even if you do not see the LED's flash, measure the test points I described above. Its possible you have 5v exiting the power supply, but something (connectors, bad IC, etc) are dropping the voltage out of range.