solid cone lights.... one is to start and the other is for game select.....
first thing i would check is that you're getting a proper +5V from your power supply to your edge connector, then check your tests points to make sure it's getting through your board. Rather than working on your original power supply (unless you just like the extra work) you should just install a new switching power supply and wire up the voltages.
If after all that you still have solid lights, then start by reseating all your socketed chips and checking your connectors for bad solder joints. THEN, you can take your board to another game.
Of course, if you want to skip all that anyway and just test the board, you can always come back to it if you find out your board's okay.
Good luck!