In seeing the pictures just now, I have to agree - that is some bad cap goo leakage you got there. I recommend one person for the job and that's Uniserver...wow that is some nasty cap goo that has leaked all over your pcb there... pretty gross, you will need a cap job on that bad boy asap.
Simple nose test - place your nose close to the board - does it smell like fish or seafood going bad?
Also get the VRAM in the machine first and see if that improves things. If it works, horray! Time to rescue it before the the Cap Good damages it. Clean the board with some strong (99%) Isopropyl Alcohol and a tooth brush over the rough areas.
The '040 Mac can wait until you get this one fixed up and going first.
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