Without any credits on the display, I just threw in a Key22 into my I-Game test machine, to test what someone told you about clearing RAM, and skipped any clearing of any ram or memory.
When the screen came up, I was in the Keychip options and was able to add another denomination...no problems getting in.
You don't need to clear anything to get into the Keychip Options and settings.
As far as the confetti screen, I don't think I've ever had that, but I know that it's happened to members before.
You may have to do a search of the forum topic for GK's.
Something you said about the LEDs on the MPU....that red one lit up...that would bring up a red flag in my book.
Either MPU board itself or software related.