CompUSA sells BIOS Post code cards for $50, we bought one and it was very useful during a certain stage of development. It'd help you before serial output is working.
They have a 2 digit LED display, it's a little pci card that plugs into any pci slot. Within linuxbios and all bios' in general during the bootup process different codes are displayed. You can put in debug statements like post_code(0xda); to cause a specific code to show up. So you can tell how far it gets before something goes wrong or whatever.
Have you tried all the serial ports? Maybe linuxbios is bringing up a different serial port as the console output one. Most MB's have more than one.