Please, take pictures without the keyb controller and RTC.
Remove the battery, cut the legs or desolder, and check all the traces underneath.
Check all the traces with a magnifying glass thoroughly, also on the back.
Looks like one board I had that would stop because of a missing trace (I soldered a wire to the wrong component pin).
It was a chipset pin signal.
The cpu is hot but not hurting, that's normal. 286 get hot but not scalding, should be around 50°C.
Do you see irdy and frame blinking at any given time?
Is BIOS size jumper correctly set? J4 (just try, noting will explode, maybe)
J5, I/O speed x2 x3, test it too.
All legs of the chipset are firmly soldered?
PC#1 Pentium 233 MMX - 98SE
PC#2 PIII-1Ghz - 98SE/W2K
"One hates the specialty unobtainium parts, the other laughs in greed listing them under a ridiculous price" - kotel studios