Yes.. Audio was faint and the constant beep is a watchdog siren telling you there is a voltage issue.
Try the cap kit and replace the 2 large capacitors (sold separately) and hope that is all it needs.
Update: I kinda gave up, but now have a working game.
I rebuilt the original PS with the Arcade Parts and Repair kit. All was well and voltages tested good for the 12 volts and 5 volts. Plugged it back in the game and it would not boot. So I guessed it was the 3 volt watchdog section. What I...
ALL my harnesses I run through the dish washer and then pull out before the heat dry comes on (or turn off the heat dry if possible). Outside air dry for a day and then good to go.