Since no one has responded, I'll offer a very lame reply.
I had this very same problem (Picasso96 not recognizing a newly installed Picasso II board) about 5 years ago. I don't remember the solution, but there is one, mine works. I should have recorded it somewhere.
It might have been something like: "move all exotic drivers (Super72, bdlNTSC, etc) except the essential video drivers (NTSC, Pal, PicassoII) from DEVS:Monitors/ back to SYS:Storage/Monitors and then reboot". This seems right.
Some one here knows, they helped me through this. Grin.,