High-low-high-low on Award BIOS is a CPU error, but the manual also states:
− Speaker Alarm when detect "CPU FAN Failure" or
“CPU Overheat”.
That gives us two leads:
- maybe the CPU fan is dead, or you didn't hook it up to the CPU fan header
- maybe the CPU is being run at settings it can't run at.
Now, the fan is simplest to check.
Assuming the fan isn't the problem, let's go to the CPU. This board has dipswitches for FSB & multiplier but automatic/BIOS settings for voltage, which is IMHO the worst of both worlds. The manual says "Slot 1 supports Pentium II / III / Celeron processor running at 233-650MHz.". It makes no reference to Katmai vs Coppermine cores, which is suspicious. I see in the pics that your boards are rev 1.9, and I have found references to people running Coppermine CPUs on this revision, but to be safe, lets test with a 100MHz FSB capable Deschutes/Katmai (i.e. 1.8V) CPU. In your list that's the P3-450 and possibly the P3-500 (there's also a P3-500E with Coppermine core). So start testing with the P3-450.
Then the dipswitch settings. You want 100MHz FSB. According to silkscreen (and manual) that's switches 1/5, 1/6, 1/7 and 1/8 all set to the 'off' position. Looking at your pics they are already there. Multiplier settings (switches 1/1, 1/2, 1/3 and 1/4) don't matter as - unless you have an engineering sample - the CPU multiplier will be locked. 4.5x is off-on-off-on, so to be completely sure, set that. As there are no hard settings for voltage, all you can do to rule issues here out is to do a CMOS clear.
Apart from that there's a mysterious "JP11 : System Acceleration" jumper. This isn't explained anywhere in the manual, but I suspect it's the PCI divider, which in that case could be set to 1/3 or 1/4. The setting for "100MHz normal operation" is 2-3, and with 100MHz FSB that's what you want to have it at. It looks like it's there already on both boards in the pic.
Finally RAM - I don't think that's the issue here as you're getting a CPU warning, but to be sure play it safe. SDR-SDRAM has a number of pitfalls in terms of compatibility, in particular this board won't work with (very old) 2-way interleave DIMMs or with (non-JEDEC spec newer low-end) x4 chips, and as i440BX can support max 128Mb chips, 256MB DIMMs with 8 256Mb chips will only be detected at half capacity. There's a very low chance of the former with 64MB DIMMs and a higher chance of the latter two with 256MB DIMMs. Post the chip (not DIMM) brand & model numbers to be sure. If one of the 64MB DIMMs has 8 chips, that's almost certainly a safe bet. Use that for testing unless you get clear memory errors (different beep codes or POST codes).
Then the question: are those CPUs known good? If not, they could be the issue. I'd start with everything as above with the P3-450, then swap it out for P3-500. If that still fails in the same way, stick in the P2-233 and change the FSB switches (5,6,7,8) to on-off-off-on for 66MHz FSB. If all that fails, try the P3-650, but tbh at that point you almost certainly have two or more failures need another known-good slot 1 system to exchange parts with to know for sure.