LED #1 on solid and the machine will not boot.

I have the same issue. I replaced the Logic Board as it had bad capacitors. The Power supply did not have any odor or signs of wear so I assumed it was good. But I get the LED #1 on solid and the machine will not boot. The Light on the front of the Mac flashes like it is trying to boot but then nothing happens. If you wait a moment it will do the same thing, if you try really quickly to push the power button twice only the first one will look like it is attempting to boot. No action on the second power button push. Is the consencious to replace the Power Supply at this point?

Please let me know,

Shaun