I'll just throw out some of the usual suspects, though I'm sure you've already checked'em... but for the purpose of being redundant....
-sure the cables are plugged in properly, not reversed on the board?
-sure your boot disk is in drive A, not B (cable on in reverse order)?
-sure you have bootable media (tried different copies, and that machine boots to dos or cp/m, right? tried both?)
-sure the drive cable is good?
-sure the bios is set to boot from floppy?
-sure your onboard memory is ok? if you have an expansion card, pull it and try booting.
-check all the other cards... not too familiar with this particular machine, but a bad video card (or not seated propery) will cause a no boot error (though on newer machines you'd get a 2 beep error). and if the machine has sat a long time, sometimes the card edges get corroded a bit and need cleaned for a good connection.
-checked the power supply? The 11.5 volts is a tad low, you might try using a bench supply on the drive, and as Erik mentioned, remove everything getting power from the supply except what is absolutely necessary and try it.
anyway, like I said, I'm sure you've already done these things, this is just usually my troubleshooting list I use for disk problems, at least the things I can think of at the moment