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I ordered a new board yesterday, but I still didn't feel confident about it, so this morning I pulled the board out of the furnace and started doing a little signal tracing with the ohmeter. I believe that I found the problem:
In addition to just driving the thermostat, this board does actually rectify the 24 VAC to make a little power supply for something. The diode for the half wave rectifier is dead shorted. That means the 330 uF holding capacitor is essentially straight across the 24 VAC. At 60 cycles it looks like about an 8 ohm impedance and so about 3 Amps AC current will flow. Since the board has a 3A fuse, it all makes too much sense.
When the new board comes on Tuesday, I'll let everyone know if I was right.
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