My EBD Squawk and Talk board stopped booting recently. I have:

-Recapped the board.
-Replaced the voltage regulator.
-Confirmed all the voltages are present and correct
-Confirmed all the chip clock signals are present
-Confirmed the EPROM images are correct
-Confirmed the jumpers are set correctly
-Confirmed the CPU is running by watching the signals with an oscilloscope and with a test EPROM
-Confirmed all the socketed ICs work by swapping them into a working Centaur board.

Still, when powered-up the LED is locked on and the board doesn't function. Doesn't this imply the CPU can't read the program from EPROM?

I haven't replaced the chip sockets, or checked all the traces. What else could it be?

Still trying to resolve this.

Is my thinking correct? If the EPROMs are good, and the CPU is running, shouldn't the LED get turned off?

I haven't. I wanted to make sure I understood how the LED behaved before getting into trace-level diagnostics. But that's a good place to start; I'll do that next.