You're probably right about the board being knackered, but I've got one last suggestion for you. I too was greeted with a red screen upon booting my 1200 today. I left it alone for a few minutes, and it did finally boot. In fact, I'm writing this message on it.
Crazy as it sounds, power on, and leave it alone. Maybe you'll get lucky.
If there's anything more I can do to help, let me know.