My crappy CRT VGA didn't wouldn't power up, so I quickly tested it through svideo on my PVM. You'll see the crosshairs moving on the screen in the calibration menu. I'm going to try another VGA until I can wire this thing for RGB.
On another note, some things I just realized.
Several boards inside are Copyright "SIE 2001". Meaning that this was in development during Dreamcast's lifetime. SIE was bought out by Sammy in 2001:
https://www.segasammy.co.jp/english/ir/release/pdf/past/sammy/2001/20010807.pdf
In 2002 Sammy has a press release talking about a new system using Power VR, I'm assuming the Atomiswave.
https://www.segasammy.co.jp/english/ir/release/pdf/past/sammy/2002/20020425_2.pdf
2003, the first AW games were released.