Thanks peeperpc, that's good to know.
Tonight I removed each stick of RAM, as well as the GPU and tried booting.
The machine gave me the expected "Ah, no memory?!" code.
I added back a stick of RAM at a time: No beep codes but USB peripherals still failed to light up.
I've tested that those peripherals haven't failed: They power and light up as you'd expect on another machine.
I'm starting to wonder if the PRAM battery is dead: It appears to be ancient.
I've found many posts online about various kinds of weird failures that can occur when a PowerMac's PRAM battery is dead. Is it possible to boot these machines without these batteries?
Could it be the reason I'm experiencing this failure?
I should note that the "Erasing..." and "Flashing..." messages I saw, when I issued "reset-all" in OpenFirmware, were probably only visible because I was connected to OpenFirmware via a Telnet connection.
I look back to hearing from you guys
I see myself going to a battery store tomorrow to acquire a new Saft LS14250 battery
~Dave