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The discoloration is not necessarily a problem. I think the DMD board is a good guess but it could still be a bad digital board or power supply. I don't know of a good way to troubleshoot these further than you have, but it has been about 4 years since I was repairing sets like this.
I would check the supplies from the power supply to see if there are any obvious issues, and look for swollen caps.
I would check the supplies from the power supply to see if there are any obvious issues, and look for swollen caps.