The darker SMDs are actually inductors (too hard to see in the pic - they are prefixed with "L") and measured in-board they had ~0.2 Ohms.
Followed your advice on a single cap, but decided to stay with the inductor, for its usefulness (perhaps) as a fuse, if nothing else.
The first m/b was easy - after replacing the faulty parts - Power ON, and it started as if nothing was ever wrong with it. Cautious not to call victory too soon I subjected it to a 7 day marathon under near full load, which it passed. Since then it has been under routine use - all as expected.
But the 2nd m/b (that's the one pictured above) - a very different story.
Replaced parts, checked soldered connections - OK, rails - OK, only 1x 1GB RAM, power ON, after Dell logo went into BIOS - all normal, saved BIOS, power down. Populated RAM with 3x8, power ON, BIOS again - all OK, out of BIOS with restart, and, fault 1-2 blink and s/d. Tried Power ON again - fault 1-2 and s/d.
After some thinking decided to return to LKGC with 1x1GB. Was able to get into BIOS again, but on exit & restart - fault 1-2 & s/d. Thinking maybe cold good, warm faulty left it without power for an hour, then for a day, still fault 1-2.
Pulled out PSU, de-dusted, checked - all OK.
Pulled out m/b for more checking and spotted a tiny patch of greenish patina on a small SMD cap just below the faulty ones. When tried to scrape off the patina, one side on the cap has moved, exposing corroded pad and almost completely corroded metal on the cap, but, enough was left to measure the capacitance. Cleaned all and replaced (it looks like some kind of corrosive liquid was splashed through the front grill). Connected all, Power ON, fault 1-2 again.
I am thinking about feeding the CPU rails from 2 separate PSUs, via a current limiting (18A - that's what's printed on Dell PSU) resistance of around 0.7 Ohm to force the power to stay on, and search for the problem.
Is there any easier way to find the offending circuits/parts ?
Once again, many thanks for help, without which I wouldn't be able to get this far.