Figured I would provide an update on this as it might help anyone with the same symptoms who finds this thread through a search. I haven't had all that much time to work on this, but I did come to the conclusion that it must be a broken CPU and so I returned it and received a new a few days ago. Annoyingly enough the system still failed to start, so by now I was getting very very frustrated. Then last night I got the idea that I should try to disconnect the reset switch, in case that was short circuted, and today I got the chance to test my theory. Indeed once I disconnected the reset switch connector from the motherboard everything booted fine! Testing the connector with a multimeter showed that it was indeed short circuted, causing the motherboard to think the reset switch was permanently pressed and causing the symptoms I experienced.
In the end a good result, but very annoying that it took so long to find the problem and surprising that it was a fault in the last component I would expect to be broken.