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Did you check the color wheel? Many times the bearings get sloppy on the color wheel allowing the wheel to hit the case and shatter. It will still spin up, but the tachometer won't read correctly with the wheel shattered and the startup will fail.
On Philips DLPs, it's almost always the bulb or the color wheel. They actually aren't all that bad for a DLP. Be thankful it isn't a Sony.
If you get it going and don't like it, maybe you could sell the light engine on ebay. That's what I used to do with DLPs that had broken mirrors or lenses (screens). I don't know if they still sell, but they did about 5 years ago when I was listing them.
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