Do you have a Disk Tools floppy (or possibly another bootable floppy, such as Network Access)? If so. try starting from that disk. Would Disk First Aid or Apple HD SC Setup detect the hard disk drive?
Also, you may want to test resetting the PRAM. (basically, the same procedure as in the article How to Reset NVRAM on your Mac - Apple Support).
Any difference if you try to start from the AC adapter with the main battery removed?
Finally, older PowerBooks can have a problem with bad electrolytic capacitors. It may not be a bad idea to inspect the boards (using a magnifying glass) for signs of leaking/discoloured/cracked capacitors.