In order for a WS board to boot, on the Power Driver board (the one below the CPU board) you need at least the L2 (5v) and L203 (12v) LEDs to be on. That's because the 12v feeds the regulator for the 5v so both are necessary to have the voltages present for the board to boot. If these are not lit solidly, the CPU will be held in reset and never start.
On the CPU board, at least L201 has to be lit solidly for the board to boot. If it is, it shows that the 5v has made it from the power driver board and is powering the logic on the CPU board.
Having LED2 lit simply means that the 5v that made it to the board has been regulated to 3.3v for the Xilinx for the sound and LED1 shows that the sound section is running.
If you have all those LEDs lit the next thing to look for are L200 on the CPU board and L204 on the Power Driver board.
L200 only lites when two conditions are met: the voltage is above 4.75v and the EPROM bank select signal is running. If L201 is lit but not L200, you have a problem somewhere on the CPU board - either ROM, RAM, CPU, sockets, battery damage, other board damage, etc. on the CPU board.
If L200 is lit on the CPU board, then the CPU board is running. The last LED to look at is L204 on the Power Driver board.
If this LED is not lit, it's either because the CPU is in reset (L200 isn't lit) or the voltage is below 4.75v. If L204 is pulsing on and off (CPU L200 lit), this means that the watchdog on the Power Driver board is not being fed from the CPU board. Thing to check there is the ribbon cable and connectors from the CPU CN1 to the Power Driver board J1.
viperrwk