Q: PM G5 Quad Core 11,2 kernel panic, freezes

In fall 2005 I purchased this computer from Apple, added 4 GB more ram, and used it for a few years. While under warrantee, I had problems, odd behaviours or kernel panics- and this is where I my memory is a bit hazy- and in early 2007 I was sent a replacement part of some sort from Apple, perhaps the hard drive?

Problems continued on & off for years, and I worked with my Mac guy to try to troubleshoot, but to no avail. Tried usual stuff with peripherals, ram, etc. Finally in spring 2010, I purchased a new (used) processor/cpu, which he installed for me. When that didn't solve things, I managed to get a used MacPro to use, and shoved the G5 under my desk.

Now, I am looking to get rid of it- I was hoping to sell it for parts or whatever, instead of it ending up in landfill somewhere, but if I can try to explain what the issue is, perhaps someone can fix it.

I started it up, it ran fine with a few applications- Word 2008, iTunes, Stickies, etc. I decided to wipe the HD, and put a new fresh system 10.4 on it. But, as soon as it restarted, it had a kernel panic (see attached photo), with the fan on full, and a red light behind the front grill. I tried booting from install disc, running Apple hardware test, but it stopped after a few minutes. Tried resetting SMC, zapped PRAM, tried again to run AHT, and it again stopped- this time I noted that it was 2:48 into the test, during the logic board test. I have nothing plugged into the G5, except monitor (which worked fine with MacPro), keyboard & mouse (ditto). So, I am thinking it may be the logic board, but would like to get a second opinion.

Thanks.