I found another issue. When there is inserted an USB 2.0 PCI card and any Radeon AGP, Peg1 is not able to boot.
But if instead of an AGP card I use my older Voodoo 3 PCI, Peg1 can boot.
I guess AGP can't work properly in my Peg1 togheter with other PCI cards.
I have faced this issue on other -Peg2 not Peg1- machines in the past.
Try a different PCI card or a different slot.
Or find a combo with AGP and PCI cards that would allow the machine to boot.
Can I know which cards do you have?