Well I've tried everything and it seems the board is dead.
I appreciate its not best practise to power up the board with no heatsinks on the regulators but even just for 10 seconds there is absolutely no signs of life. No beeps from the speaker and no picture from either an ISA or PCI graphics adapter. The only socket 7 CPUs I have are a Pentium 200 and a Cyrix 166. Both are the same result, just dead.
There was significant damage on the board. On the chip bottom right (labelled PCI set) several of the pins (bottom right) were badly twisted with 2 broken off. I've repaired this to the best of my ability, its all reconnected again with no shorts anyway. Where the blue cap is now adjacent to that chip the former cap was ripped off with only the legs remaining. There was no signs of further damage though around this area. I also found 4 broken traces on the underside all of which have been repaired along with 1 on the top side.
I suppose this old board is just to far gone. It obviously wasn't looked after so perhaps there is just further damage I haven't seen or maybe the chipset or something else on there is just dead.
The next step would be to start following signals around the board but to be honest thats going over my head. Physical damage I can deal with, when it comes to the logic side of things, I get lost quickly.