It's unfortunate you're having problems with the Med. I just tried the temperature on the chips and yes, they tend to get pretty hot but that's normal I think.
Give the Mediator a good'ol slap-around like you did with an old tube tv!

Have you tried with JUST the Voodoo attached? And, double-check that all cards are attached properly and did I yet mention cleaning the contacts with isopropyl alcohol?
Also one other thing springs to mind: try a different PSU.