Hi,
I suggest to look in the schematic:
http://www.johnsarcade.com/vs_downloads/misc/VS_Schematic_%28MDS-02-CPU%29.pdf .
If you follow the reset line of the cpus you can see it goes in the watchdog circuit (G2 and G3). With your logic probe check if the logic components (the flip flops, inverter and the logic gate) are ok.
The S sound is on the J line from 8 to 10, the M sound E7 and F7, check the capacitor in this section of the circuit if the capacitor are all ok check the OPAMPs.
The RGB lines are all driven by the PPU check if the traces are ok, check if the video pots are ok.