I've never owned one of those cards... actually i've never owned anything more powerful than a 4mb+68881 expansion for the 1200 lol
I do know however, during repairs on older models of gigabyte boards; they used 6v caps on 5v rails, after a surge they appared as short-circuit when tested. When removed they were still short circuit. Got to a point when I removed every electrolytic / tantalum / monolythic cap from the board (just for laughs), re-tested between the 5v rail and ground :: STILL SHORT! turned out two power FETs died.
thought i'd just throw that in :-D
On another note, alot of problems with phase5 boards seem to be linked to dry joints, anyone ever tried reflowing those boards using a reflower/rework station? I'd start off by looking up datasheets for the (suspected) failing micros and checking for power at their vcc/vss pins
Best of luck though :-)