To continue with testing I've lashed up an alternative PSU with a cleaner output.
After much cleaning, examining and testing I established that the ROM select line was not being activated.
This line goes through jumper W1 which disables the ROMs when a SIMMROM is used. By removing the jumper I found that the ROM Select was indeed being pulled low by the GLU chip so there has to be a fault with the ROMs, clamping it high.
I removed the ROMs one at a time in the sequence HH, MH, ML and LL and tested ROMSEL each time (with the W1 jumper back in place). It was only after removing the last one (LL) that I saw ROMSEL being pulled low. It therefore looked like it was LL that was the problem. However, on reading the ROMs using my TL866 I verified LL, ML and HH but MH was all FFs. That was never going to work!
So I obtained some sockets and W27C512 chips, fitted the sockets, burned the set of ROMs and voila! A sad Mac chime (no RAM fitted). With RAM back in I got a Happy Mac and it booted to the floppy screen. With a floppy inserted it proceeded to boot into MacOS 6.0.8 so my floppy refurbishment has succeeded too! Whoopee!
Feeling I was on a roll I had another look at my refurbished PSU. The output was still noisy but what the heck, give it a go.
After reassembling it and dropping it into place the machine boots up like a good 'un.
I may try swapping in the old ROMs to see which ones are bad but that's for another day when I have nothing better to do.