We had a Gauntlet: Legends machine that Mumbles assumed that the boardset was bad. It was doing the color bar thing you're mentioning, graintspain. Made me ship it right out without even testing it in shop. I shrugged and did so.
It was returned in a month, they said there was nothing wrong with it.
In the meantime, the machine was pulled from the campground it was at, because it was the end of the season. Put the board into it...color bars.
WTF. Thought maybe there was something about this JAMMA harness that was just a bit off, so put it in our monitor test bench...fires right up. Hm...
Try another machine, a Cruis'n USA. Same thing as on the Gauntlet cab. Interesting...
Bring it back to Gauntlet, fire it up, same thing. Start unhooking harnesses one by one. When I unplugged the control panel harness, it fired up. That's when I noticed that one of the buttons was stuck down. Popped it off, reconnected all harnesses, fired right up.
I kinda doubt that's what's wrong with your Tapper, but it's worth mentioning.
Check your voltages.