Update: Definitely a toasted zener on the 3.3V PSU board.
Hooked up 3.3 board to bench supply. High current draw, zener gets hot. Removed zener. Current draw now reasonable. Installed 3.3 board into motherboard. Connected JP101 pin 8 to to JP201 pin 8 to trick CPU into thinking 5v rail is healthy. Connected bench supply to JP101 pins 4 and 2. CPU seems happy, I see PWM on the PSU PWM pins. If anything powered by 3.3 failed it didn't fail short. Still waiting on my buddy with the thermal camera to see if I can ID what failed short on the 5V rail.
