I upgraded the BIOS to version 1.09. As expected, it didn't change anything. I still need to find the optimal BIOS LCD hex code. I am currently using 01. There are fifteen total and I imagine they define resolution and refresh rate. Does anyone know if there is an industry standard for these hex numbers?

I'll Google more on this later. BTW, I am using the CRT+LCD option, not VGA+LCD as I mentioned in the previous post. The VGA output always has the correct color.
LinITX.com has detailed photos of both the LVDS-07-18 and the LVDS-07-24. The "-18" has a sticker and resistor packs near the VIA VT1631L IC (U1). The "-24" has no sticker and no resistor packs. Both versions do not have U3.
Well, it appears that I do have the correct 24-bit version and it has the right components populated on the PCB. I will switch back to the 24-bit wiring configuration, which I have not done for this new Digital View cable. Hopefully this will work. If not, then I may have a bad LVDS-07-24, or the VIA chipset cannot handle the correct color code encoding. I don't think I have a bad panel as it displays all the pixels and basic R-G-B colors are all present. This has to be a dithering issue with the color depth.
Here are the two different photos for the LVDS-07 18-bit and 24-bit flavors.