2 things to check.
1) After the color cycle press the caps lock key repeated(if you have an original Amiga keyboard). Watch the caps lock light. If it stops responding after you hit the key ~8-9 times, then the 060 CPU is not working. If it keeps going on and off, the CPU is good/talking.
2) To get to the CSPPC early boot menu, press the F1(IIRC) while cold booting.