Hi Damien,
The External Health led blinking red and Power solid amber generally indicates a problem with the power supply to the server in one shape or form.
Since the fans were noisy, it is a possibility that the server overheated and damaged the PSU, as your setup should draw circa 390 - 440 (of a maximum of 650) watts under some load, but I am just speculating.
If you have configured Lights out, you can view the errors which were logged on the system which caused the failure and take appropriate action.
Since you have broken the server down to the bare minimum configuration as part of the testing, if this is the original power supply for this machine, it's had a good run, and truth be told, probably needed to be replaced during the upgrade if the power consumption has increased to any great degree.
HTH
Cheers
Leon
