iMac Intel 24" EMC 2211 - PSU providing enough voltage?

[Steve_Oaks]

Based on the diagnostic LEDs I may have a bad PSU, however before I drop $140 on a new one I would like to be sure it is not the logic board.

Diagnostic LEDs
#1 is on when the power cord is connected.
#2 comes on briefly as the machine appears to try to be starting itself (without the power button pressed) once I connect the power cord.
#3 flickers for a time frame smaller than LED #2 right after LED #2 comes on.
#4 Does not come on. Likely because of what is going on with #1 and #2 plus I have the display completely removed along with the ram and hard drive.

The process of LEDs #2, #3 flickering is about a second and the machine just loops trying to start. Again without the power button being pressed.

PSU Details
The power supply is an OE Liteon PA-3241-02A1.

There does not appear to be any popped capacitors, the power fuse has continuity, and the diode at the incoming AC power is also good.

''Observed Voltages
Below is the voltages I observed on the main power connector when the machine was not trying to start:
Pin #1 Ground
Pin #2 +12v
Pin #3 +1 millavolt
Pin #4 +4v
Pin#5 +.5 millavolts
Pin #6 Ground
Pin #7 Ground
Pin #8 +12v
Pin #9 +12v
Pin #10 +12v
Pin #11 +.5 millavolts
Pin #12 Ground

Below is the voltages I observed on the main power connector when the machine was trying to start:
Pin #1 Ground
Pin #2 +12v
Pin #3 +0 millavolt
Pin #4 +4v
Pin #5 +4 to +7 millavolts
Pin #6 Ground
Pin #7 Ground
Pin #8 +12v
Pin #9 +12v
Pin #10 +12v
Pin #11 +4 to +7 millavolts
Pin #12 Ground

I am hoping some one can confirm outputs I am seeing from the pins.