A lot of MVP3 boards have a setting for the ram speed usually in jumper form try messing with that also, many MVP3 boards like to use only single-sided memory there are exceptions though

But I would not have expected you to have problems with Simms

Try disabling cache

Have you checked / replaced the electrolytics in the VRM sections? This mainboard could be affected by the "capacitor-plague" that hit most of the manufactureres in those years.

I can see what the problem can be. On SDRAM pins where it should be power voltage ( 3,3V I guess) there is only 0,64V

I have noticed that my board has got one ripped coil near RAM area

So, I have replaced the coil and checked voltages for simm and sdram, both are looking good but still that C1 error

Maybe more hardware issues?