"At power up (without the computer connected) if the red activity LED stays on and the motor runs continuously, it means that the drive failed to complete its startup sequence. The most common causes are a bad DOS ROM UB4 (901229-xx) or failing 5V bridge rectifier, but other bad chips can produce those symptoms. The easiest place to check for correct voltages in and out of the power supply regulators is at the diodes CR2 and CR4 located near the two rectifiers. The anodes of those diodes are connected to the outputs of the +5V and +12V regulators. The cathodes (designated by a line or stripe at one end) show the unregulated source from the rectifiers that feed the regulators... about 10V for the 5V source and 20V for the 12V source. With drive startup problems, some chips to check are: UC4 (6502 MPU) and UC2 (6522 VIA). The smaller "glue logic" chips are pretty rugged, but do sometimes fail. Check UA1 (74LS14) and UD2 (7407)... they have also been known to cause those symptoms."
obviously the easiest thing to do is to lift and re-seat all the socketted chips as the pin connections will oxidize (and/or slightly corrode) over the space of 25 or 30 years...