Making some progress. I have reflowed solder around the PSRAM chip, did not find any shorts. I did get to start configuration mode once, repeated attempts show no running lights.. This the boot log from trying to get to start configuration mode.
rst:0x1 (POWERON_RESET),boot:0x3f (SPI_FAST_FLASH_BOOT)
configsip: 188777542, SPIWP:0xee
clk_drv:0x00,q_drv:0x00,d_drv:0x00,cs0_drv:0x00,hd_drv:0x00,wp_drv:0x00
mode:DIO, clock div:1
load:0x3fff0018,len:4
load:0x3fff001c,len:4492
load:0x40078000,len:13324
ho 0 tail 12 room 4
load:0x40080400,len:3796
entry 0x40080624
I (353) psram: This chip is ESP32-PICO
I (354) spiram: Found 64MBit SPI RAM device
I (354) spiram: SPI RAM mode: flash 80m sram 80m
I (357) spiram: PSRAM initialized, cache is in low/high (2-core) mode.
I (364) cpu_start: Pro cpu up.
I (368) cpu_start: Application information:
I (373) cpu_start: Project name: imsaisim_esp32
I (378) cpu_start: App version: v1.9.1
I (383) cpu_start: Compile time: Sep 8 2021 15:28:40
I (389) cpu_start: ELF file SHA256: 8a0e39da91675446...
I (395) cpu_start: ESP-IDF: v4.0.2-4-g877a28e05
I (401) cpu_start: Starting app cpu, entry point is 0x40081b58
I (0) cpu_start: App cpu up.
I (898) spiram: SPI SRAM memory test OK
I (961) heap_init: Initializing. RAM available for dynamic allocation:
I (962) heap_init: At 3FFAE6E0 len 00001920 (6 KiB): DRAM
I (963) heap_init: At 3FFC36F8 len 0001C908 (114 KiB): DRAM
I (970) heap_init: At 3FFE0440 len 00003AE0 (14 KiB): D/IRAM
I (976) heap_init: At 3FFE4350 len 0001BCB0 (111 KiB): D/IRAM
I (982) heap_init: At 4009D62C len 000029D4 (10 KiB): IRAM
I (989) cpu_start: Pro cpu start user code
I (993) spiram: Adding pool of 3241K of external SPI memory to heap allocator
I (1014) spi_flash: detected chip: gd
I (1014) spi_flash: flash io: qio
I (1014) cpu_start: Starting scheduler on PRO CPU.
I (0) cpu_start: Starting scheduler on APP CPU.
I (1086) nvs: Reading settings from NVS
I (1086) nvs: settings = 00000140
I (1086) esp32_boot: Log Level set to NONE
And now for the 'normal' boot
rst:0x1 (POWERON_RESET),boot:0x3f (SPI_FAST_FLASH_BOOT)
configsip: 188777542, SPIWP:0xee
clk_drv:0x00,q_drv:0x00,d_drv:0x00,cs0_drv:0x00,hd_drv:0x00,wp_drv:0x00
mode:DIO, clock div:1
load:0x3fff0018,len:4
load:0x3fff001c,len:4492
load:0x40078000,len:13324
ho 0 tail 12 room 4
load:0x40080400,len:3796
entry 0x40080624
I (354) psram: This chip is ESP32-PICO
I (354) spiram: Found 64MBit SPI RAM device
I (354) spiram: SPI RAM mode: flash 80m sram 80m
I (357) spiram: PSRAM initialized, cache is in low/high (2-core) mode.
I (364) cpu_start: Pro cpu up.
I (368) cpu_start: Application information:
I (373) cpu_start: Project name: imsaisim_esp32
I (378) cpu_start: App version: v1.9.1
I (383) cpu_start: Compile time: Sep 8 2021 15:28:40
I (389) cpu_start: ELF file SHA256: 8a0e39da91675446...
I (395) cpu_start: ESP-IDF: v4.0.2-4-g877a28e05
I (401) cpu_start: Starting app cpu, entry point is 0x40081b58
I (0) cpu_start: App cpu up.
I (898) spiram: SPI SRAM memory test OK
I (962) heap_init: Initializing. RAM available for dynamic allocation:
I (962) heap_init: At 3FFAE6E0 len 00001920 (6 KiB): DRAM
I (964) heap_init: At 3FFC36F8 len 0001C908 (114 KiB): DRAM
I (970) heap_init: At 3FFE0440 len 00003AE0 (14 KiB): D/IRAM
I (976) heap_init: At 3FFE4350 len 0001BCB0 (111 KiB): D/IRAM
I (983) heap_init: At 4009D62C len 000029D4 (10 KiB): IRAM
I (989) cpu_start: Pro cpu start user code
I (994) spiram: Adding pool of 3241K of external SPI memory to heap allocator
I (1014) spi_flash: detected chip: gd
I (1014) spi_flash: flash io: qio
I (1014) cpu_start: Starting scheduler on PRO CPU.
I (0) cpu_start: Starting scheduler on APP CPU.
I (1086) nvs: Reading settings from NVS
I (1086) nvs: settings = 00000140
I (1086) esp32_boot: Log Level set to NONE
I (1714) phy: phy_version: 4390, 6b3c1f2, Sep 10 2020, 15:09:07, 0, 0
##### ### ##### ### ##### ### # #
# # # # # # # # # # # ## ##
# # # # # # # # # # # # # #
##### # # ##### # # ##### ##### # # # #
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##### ### ##### ### ##### ### # #
Release 1.37, Copyright (C) 1987-2021 by Udo Munk
ESP32 IMSAI 8080 Simulation Release 1.18 (ESP32)
Copyright (C) 2008-2021 by Udo Munk & David McNaughton
CPU speed is 4 MHz, CPU executes undocumented instructions
RAM size bank 0 is 64 KB
MMU & Banked RAM initialised: 48 KB x 15 banks
Loader statistics for file /sdcard/imsai/mpu-a-rom.hex:
START : d800H
END : df7fH
LOADED: 0780H (1920)
DISK MAP: [/sdcard/imsai/disks/disk.map]
A:DSK:='cpm22b01.dsk'
B:DSK:='vio-stuff.dsk'
C:DSK:='Zork.dsk'
D:DSK:='ws33.dsk'
I:DSK:='hd-ws4.hdd'
SIO PORT MAP:
SIO1.portA = WEBTTY UART0
SIO1.portB = VIOKBD
SIO2.portA = WEBPTR UART1
SIO2.portB = MODEM
LPT = WEBLPT FILE
When I am in the wait state and hit 'Run' the machine reboots. Seems like when I hit a toggle it causes a reboot.
Here is a photo of initial wait state. Where should I direct my attention next, if you please?
.

Thank you again for all your help.
ken