Not likely. I don't think you would have any image if C5346 was out. Cross your fingers it isn't that, those are as rare as a flyback.
Look closely on the solder side of the board in the color section. That area is notorious for pads lifting off or cracking. Even if the transistors check good it's possible a pad or two is broken, you will need a magnifier to see the level of detail I'm talking about or use the continuity checker on your meter to verify every trace has continuity. Check all the pads on the PRA boards too, yes, there are 18 pads on each PRA. Check continuity from point A to point B on every one of the pads on the PRA boards and all the transistors.
Also check the solder connections where the video comes in (R,G,B,G, HS, VS) and the neck connector.
This is when it would be helpful to have an extra board to drop in and verify it's the board and not the game. You will have to keep poking around that board. I'm pretty sure you don't have an IC problem, it's likely the PRA boards, transistor or bad solder connection.
There are 3 diodes on the neck board, check those, they rarely fail but you never know. Also check the solder joints on the neck connector. The Color Pins should be marked Red, Green, Blue, on occasion those solder joints crack.
Chris
Another update:
I got the LCD monitor in today and the same blue and white screen appears. This is good news as far as the old monitor. The main board must have an issue that I’ll have to look into.
Making progress though!
Chris