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While waiting for the answer I opened the unit up but see obvious blown caps. Still awaiting answer to my original question as to the liklelyhood it is the Power Supply with the symptons I have described.
Update blew out the unit with canned air and plugged it in again after checking fuse. Symptons have changed. Now the power light is cycling between red and green and the fan starts, then stops. This happens repeatly till the power is removed. Still need to know what the probability of this being the power supply is and I am approaching decision time. Can't wait on this much longer. My plan is to do a quick internet search for the new symptoms, and if nothing concrete pops up to go to lunch. If I don't receive a reply by the time I come back. I will decline the answer and make my decision as to trust my gut instinct or take it to a shop. So far what you have offered me is not differnent from what I have found on the Internet already.
After working for several days it quit again. Unfortunately what I seem to have is an intermittent. As a subscriber to checkbook.org (SF Bay Area), a non-profit services rating service, support by subscribers, I have picked a recommended service provider in my area, and he is taking a look at the unit today. I still suspect a bad supply ($160) for the board, but for $35 it is worth having an expert actually take responsibility for it.
Further research into LG indicates it was formally known as Goldstar. This was a company known for attractive pricing but not necessarly for quality. Company's to change but given this experience, along with what I have read about their issues and customer service, LG would probably not be my first choice for a replacement recommendation if asked, should it come down to that.
Thanks again for your assistance.