As near as I can tell, it looked like it is complaining about your 5101 RAM; I know you said yours was removed... I ran my test with it pulled, and it passed there. The second stint of flashing you're getting is to be expected- that is for the system7-only sound PIA.
Have you ever seen this board run? Was/is there battery corrosion damage? What chips are socketed, and have you replaced the 40 pin CPU, the ROM sockets (I know you said the board was converted to 3 ROMs)? I guess I'd poke around the 5101 socket, and make sure there are no shorts, especially if the 5101 chip was recently removed/socketed. An extra close once-over looking at any previous rework too.
If the board is behaving intermittently, I like to give them a little wiggle while they're powered up, to see if anything changes.. Please exercise caution here if you try this (don't try this at home) But, the idea is- if there's a change with a little wiggle, perhaps a cold/cracked solder joint, bad trace, etc. Nothing extreme enough to damage the board or break anything of course..
Also I'm surprised your relay isn't a bit louder, but- maybe they vary in noise? Perhaps others have some ideas too.