Yes, I do get LED activity, although it is a consistent blink every second.
At the F1/F2 prompt if I remove a disk I get an E1812 HDD Removed error on LCD display
After reinserting the disk and hitting F1 the LED activity starts again, as before.
Hitting F1 just loops round to the F1/F2 prompt
On the post screen I see the below message:
0 Logical drives found on host adapter
0 Logical drives handled by BIOS