Actually - I may have answered my own question. I threw a meter on the PS to check the current and I was waaaaay over the 65W limit, I was drawing almost 8a through this little puppy.
I had to start unplugging components until I narrowed it down - the PII CPU was the culprit. I swapped it out for a Celeron 300 and it runs perfect at 4.8 to 5 amps and the PS is nice and cool.
Good thing I didn't bake it...
Sorry to waste the bandwidth but I am one happy camper!