Been awhile since I diagnosed POST codes, but I think that is the pattern for video card issues. It's one of the first things inited at power up. If your BIOS is knackered at this critical portion of the code, you will not be able to view your settings at all because it is failing to init the video. You may have very well gotten the wrong BIOS for that board's revision. There is a BIOS ID string that will ID the details about the board that flashes at the bottom of the screen during the initial startup test. You need to verify this information against the lists available online. I don't have the links at work, I'll post them when I get home tonight.
If the system has an AGP video card in the AGP slot, you may have to pull it and temporarily install a cheap PCI card (grab a used one from a local store/flea market) so it can init the video so you can get this BIOS string. If it has video on the motherboard (ala Savage, Intel, etc) you will have to check the documentation on how to disable it so you can use the PCI video. Many boards have a jumper for this.
Hope this can get fixed easily--I've seen some boards get replaced bacause of this. If you can't get a good flash to take, you will have to replace the BIOS chip with a known-good preflashed one, or replace the board. Sorry, but it happens sometimes.
If it ain't broke don't try to fix it! But, hell if you can tweak that bastard just a little bit more....hehehe.