commentary box just cant take enough words, so I reply to my own result...

Asus specific instructions:

Make sure you take the 3,3V VIO setting.

Use DIP switches.

When the board first starts up, it goes immediately off- thats a good sign!

Now just hit the reset button. And after 1-2 seconds the board should boot.

DIP Switch settings and motivation:

http://web.archive.org/web/20010806092459fw_/http://www16.big.or.jp:80/~bunnywk/index.html

Memory frequency is somewhere around 177Mhz (133Mhz + 43Mhz PCI clock).