Long time lurker, and now I am on to my first project!

Recently bought Time Crisis II & Gauntlet Legends cabs. First, I am attacking the Gauntlet Legends. I understood that the cab was not working before I purchased. After closer examination, I have found that:
a) Nothing will post to the monitor after turning the unit on.
b) I can hear the tube "power up"
c) There are all kind of pretty lights on the PCB
d) I'm afraid the Vegas 777 board could have issues
e) I can hear an audible "Beep" after the unit has been on 7-10 seconds
f) I cannot feel the hard drive vibrating or spinning
g) The power supply obviously works, but it doesn't appear to be the unit that was shipped with Gauntlet (doesn't fit the original cab bracket) & has a NAMCO sticker on it.
You can see from the pictures below that i have a few red LED lit on the 777. After closer inspection, it looks like the contacts have been corroded or shorted. I was told this cab was bought from a sports bar auction so who knows what actually happened to the unit. I have not done much research yet, but I was hoping to get a few pointers or starting points. I acknowledge the wealth of experience & previous posts available to me and I'm excited to get started.
Other thoughts..... If this cab is beyond repair, it could make an awesome MAME conversion, but I would love to get away with restoring it in all its original glory!
Thanks in advance to anyone who can share their thoughts and wisdom!