You have so many potential problems there. I don't envy you.
My first suggestion would be to do this testing with an SD CRT. Then at least you can be %100 positive as to what's going on with the video. With all that modern junk in there you could have a perfect picture and not even know it if the set is being picky for whatever reason.
Does this board have any kind of audio out other than the JAMMA edge? That too is a valuable help. If you can hear the game running and not see video (something most SD CRTs will let you do, many HDTVs don't) then that's valuable info.
Is there a power LED on this board? It seems like it would.
As others have said, the board should made a test pattern even without a cart.
Most people who are into arcade stuff have enough junk laying around to swap things out for diagnostic aid. It's usually much easier.

You're probably headed this way too, so my advice is to get another MVS mainboard and see how that goes.
