I bet its your media. Not the drive. Well, its a collaboration of the age of the superdrive coupled with what I assume is newer media or media that is encoded beyond your older super drives read capabilities. I've seen this problem many times as well on PCs with older drives and up to date or newer media. Change the media brand and/or type.
If you've tried the graphics card, memory and any other non-stock peripherals, my guess would be the logic board (as its not receiving power properly enough to boot) or its your power supply. I'd put money on it its your board or power supply.