What is the voltage to the DMD when its plugged in? Under load, the voltage is most likely below 5v. Data East and Sega machines need a strong 5v to operate the DMDs.
My guess is your 5v section of the power supply needs reworked. Possibly hi voltage section as well.
If it was an MPU issue, youd see the ROM version flash upon boot, then the DMD would go blank. Since you have nothing, its your power supply dying out.