IBM T23 Power Problem
There is a defect with IBM T23 boards that stems from a manufacturing/design problem. The fan pulsing tells me that you have a loose or completely unsoldered inductor on the bottom of the motherboard. The fix is to remove the board completely and resolder the inductor. You might even be able to hear this inductor rattling around in the case if you shake it. If that's the case, then you shouldn't have a problem identifying the offending item.
There is a defect with IBM T23 boards that stems from a manufacturing/design problem. The fan pulsing tells me that you have a loose or completely unsoldered inductor on the bottom of the motherboard. The fix is to remove the board completely and resolder the inductor. You might even be able to hear this inductor rattling around in the case if you shake it. If that's the case, then you shouldn't have a problem identifying the offending item.