Well, the CPU in the new system was
not the issue.
Not wanting to disturb a totally working system, I took one of my "problem" T23 systems apart to get at the 1.13Ghz CPU and heatsink/fan assembly. Said system has (had) a problem getting past the IBM boot splash screen. It would sit there forever regardless of how the machine was populated. I removed the 1.2Ghz CPU out of the newly arrived system and put the 1.13Ghz one in and closed the cam on the socket. I figured if there was something wrong with that processor, the hanging symptom would transfer to the new system. I plugged in the fan and it immediately started turning (

!). WHAT? In my haste to perform the swap, I neglected to remove the laptop base from my port replicator. The system was powered up when I removed and replaced the processor

. Thinking that now BOTH processors were toast, I powered the system off and then re-started it. Still the same symptoms... constant fan, no video anywhere, etc. Well, if the 1.13Ghz processor never had any problems it probably does now!
Okay, take the 1.2Ghz processor from the "dead" system and throw it (gently) into a confirmed un-powered system. Re-install the keyboard and press the power button. Expecting the worst, I was surprised to find that the system booted normally, giving me a "fan error" and "time and date error". Hey, maybe I didn't fry a processor after all. Power down, re-install the fan, correct the date/time in BIOS, boot into a copy of PC Doctor on CD and begin running some diagnostics. Everything seems to be fine. All of the system board and CPU tests pass.
So my problem with the new system seems to be confirmed that it's on the motherboard. I've also found out that I have a bad 1.13Ghz processor which causes the boot screen freeze. Not a bad morning...