First try resetting the SMC if you haven't already.
As for LEDs, 2,3,4 and 5 are supposed to be off. They come on automatically if there is a fault.
LED 1 means the PSU is providing trickle power and therefore is not dead.
6 means the GPU is present and configured;
7 means all power rails are up and running;
8 means EFI is done loading.
Since your fans are all coming on, I would assume your PSU is fine. Try stripping anything non-essential. Remove the disks, all but two RAM chips and see what happens then.