Yes, FAIL is active low and is an indication to the system that the 5V supply is above a specific threshold. So it should normally be at 5V. As I recall, it goes to Gary which holds the system in a reset until FAIL changes to a high state. The source of the signal in the A3000D is U112, it's a 3-pin IC in the TO-92 package. Can't remember if it has the same designator in the A3000T.
There's a pull up resistor on the FAIL line already, so if you remove U112 and the signal changes correctly to the high state, then you need to replace U112. Else look at the signal path to Gary and at pin 2 of the RTC. If there's been battery corrosion, this could be what's causing the problem.
You can also set the FPU jumper (J103?) to disable the FPU, which will prevent the system from booting if it has a problem.