The powermac G5 is a very, very picky computer. you should try to limit the ram, check the case for leaking coolant, and other issues. it sounds like a logic board issue, try to reseat the graphics card(Unplug it than plug it back in while the computer is off) then torn the computer on, his might solve the problem. Try to also clean the contacts on the graphics card connector. Also, try to run the computer without the PRAM Battery, also try to run it without any drives connected, if you see a flashing ? folder, then your drives or cables may have failed. if none of this solves the problem, the logic board is most likely dead. if you really want to take it to the next level, try to reseat the CPU's. this is a hard thing to do, because the liquid cooling unit has to be removed.
Good Luck,
Chris