Yes, the swap idea is a very good idea.
Reset the PMU. Here's my pre-packaged "how to" reset the PMU :
RESET PRAM
Reset the PMU
Many system problems can be resolved by resetting the PMU chip. Whenever you have a computer that fails to turn on, follow this procedure before replacing any modules.
The PMU (Power Management Unit) is a microcontroller chip that controls all power functions for the computer. The PMU is a computer within a computer. It has memory, software, firmware, I/O, two crystals, and a CPU. Its functions is to:
# Tell the computer to turn on, turn off, sleep, wake, idle, etc.
# Manage system resets from various commands.
# Maintain parameter RAM (PRAM).
# Manage the real-time clock.
Resetting the PMU Chip Procedure
1. Disconnect the power cord and check the battery in the battery holder (BT1). The battery should read 3.3 V to 3.7 V. If the battery is bad, replace the battery, wait ten seconds, and then reset the PMU (refer to the next step). If the battery is good, go to the next step.
2. Press the PMU reset switch (S1) once on the logic board. Do not press the PMU reset switch a second time because it could stop the PMU chip from responding.
3. Wait ten seconds before connecting the power cord and turning the computer on. If the computer turns on, go to the next step. If the computer does not turn on, there is something else wrong with the computer.
Note: This entire procedure resets the computer's PRAM. Be sure to reset the computer's time, date, and other system parameter settings.
Important: Be very careful when handling the main logic board. Ground yourself to a metal object to draw any static electricity off of yourself. Remove the battery when handling the logic board so the PMU is not affected. The PMU is very sensitive and touching the circuitry on the logic board can cause the PMU to stop responding. If the PMU stops responding, the battery life goes from about five years to about two days if the PMU is not reset. The PMU chip is located near the battery; refer to article 95035: "Power Mac G4 (AGP Graphics/Gigabit Ethernet): Logic Board Diagram" for the location of the PMU button.