I've found an online copy of the manual, though the board schematic is illegible.
**broken link removed**
The section about diagnostics implies that the VLOGIC LED is simply across the 5V power on the board (with a resistor) so if you have 5V measurable on the board itself, the most likely thing is that the LED has failed.
(See chapter 6 - fault diagnosis).
When you said "arcade boards" I was expecting something like a Space Invader or Galaxians type... I've got quite a bit of experience with those & and still some kicking around.
That one is relatively modern by comparison and being surface mount, probably quite a bit trickier to repair.