Major powerbook issue, crashing, reformatted, still problematic

Question

I've searched the forums and the web and cant find much about my problem
So heres the gist of the situation
So Saturday my computer started to act up, I opened it up and woke it. It turned on perfectly fine and then a few seconds later, the cursor disappeared and went back to sleep. I did this 3-4 more times before it finally stayed up
Saturday night i put my powerbook to sleep by closing it up, just like i would normally do. Sunday morning i woke up and opened up my computer. It did not wake from sleep and it would not shut down by holding the power button. I took the battery and power cable out and the computer was still in sleep mode, the LED was "breathing" and such. This went on for a few minutes before i could hold the power button and turn it off. After inserting the power cable and battery, i started the computer and it got to the grey screen then shut down and restarted; a partial boot loop. When it restarted itself that second time it got past the grey screen, to the blue screen, then proceeded to put itself to sleep. I tried to wake it up to no avail.
I then proceeded with the standard boot from disc, repair permissions and repair disk. Permissions repaired and the disk turned out to be okay. I then rebooted and same thing happened as in the previous paragraph.
I booted in verbose mode, nothing unusual except for "Link down on en1" but again it failed to go past the blue screen without putting itself into a coma like sleep.
I booted in single user mode to see if there was anything unusual there, no problems seen and I exited. It then failed to get past the blue screen without going to sleep.
I then wiped and reformatted my computer from the 10.5 disc i have. (My powerbook is a 1.67 GHz April '05 model, just in case you dont see that at the bottom of this post in my sig)
I restored everything from my computer from a previous back up except for library and system files.
I updated and restarted and immediately got a kernel panic at startup with debug and kernel panic info which i did not take down (a stupid move i must admit). It wouldnt reboot without kernel panics.
I wiped and reformatted AGAIN and restored from my backups. All was fine until this evening. I tried waking my computer from sleep and at first it would wake, but then after a few seconds later, it went back to sleep. I tried waking it up several more times to no avail.
I rebooted in verbose, nothing abnormal. I rebooted in single user mode, nothing abnormal and typed exit. it booted up perfectly fine. but im afraid theres an underlying problem here
I've reset pram and done everything else on the troubleshoot checklist, nothing worked.
Can anyone shed some light on this situation?

Answer 1

I got a system log of the problem (bold, underline, italic is where the temp sensor says the system is overheating...problem was that it was cool to the touch and it was 50 degrees fahrenheit in the morning.
Oct 13 01:38:23 dylan-rodriquezs-powerbook-g4-17 kernel[0]: System Sleep
Oct 13 06:16:40 dylan-rodriquezs-powerbook-g4-17 kernel[0]: System Wake
Oct 13 06:16:41 dylan-rodriquezs-powerbook-g4-17 kernel[0]: Wake event 0020
Oct 13 06:16:40 dylan-rodriquezs-powerbook-g4-17 configd[35]: AppleTalk shutdown
Oct 13 06:16:41 dylan-rodriquezs-powerbook-g4-17 kernel[0]: pci restore waited for ethernet (27647) fail
Oct 13 06:16:41 dylan-rodriquezs-powerbook-g4-17 configd[35]: AppleTalk shutdown complete
Oct 13 06:16:42 dylan-rodriquezs-powerbook-g4-17 kernel[0]: AirPort: Link Up on en1
Oct 13 06:16:42 dylan-rodriquezs-powerbook-g4-17 configd[35]: AppleTalk startup
Oct 13 06:16:42 dylan-rodriquezs-powerbook-g4-17 kernel[0]: SetCryptoKey T: len 16, idx 0
Oct 13 06:16:42 dylan-rodriquezs-powerbook-g4-17 kernel[0]: SetCryptoKey R: len 16, idx 1
_+*Oct 13 06:16:43 dylan-rodriquezs-powerbook-g4-17 kernel[0]: PowerManagement emergency overtemp signal. Going to sleep!*+_
_+*Oct 13 06:16:46 dylan-rodriquezs-powerbook-g4-17 kernel[0]: PowerManagement emergency overtemp signal. Going to sleep!*+_
_+*Oct 13 06:16:47 dylan-rodriquezs-powerbook-g4-17 kernel[0]: PowerManagement emergency overtemp signal. Going to sleep!*+_
_+*Oct 13 06:16:47 dylan-rodriquezs-powerbook-g4-17 configd[35]: AppleTalk startup complete*+_
_+*Oct 13 06:16:48 dylan-rodriquezs-powerbook-g4-17 kernel[0]: PowerManagement emergency overtemp signal. Going to sleep!*+_
Oct 13 06:16:50: --- last message repeated 1 time ---
_+*Oct 13 06:16:50 dylan-rodriquezs-powerbook-g4-17 kernel[0]: PowerManagement emergency overtemp signal. Going to sleep!*+_ AirPort: Link Down on en1
Oct 13 06:16:52 dylan-rodriquezs-powerbook-g4-17 kernel[0]: System Sleep
Oct 13 06:16:50 dylan-rodriquezs-powerbook-g4-17 configd[35]: AppleTalk shutdown
Oct 13 06:16:58 dylan-rodriquezs-powerbook-g4-17 kernel[0]: System Wake
Oct 13 06:16:50 dylan-rodriquezs-powerbook-g4-17 configd[35]: AppleTalk shutdown complete
Oct 13 06:16:58 dylan-rodriquezs-powerbook-g4-17 kernel[0]: Wake event 0020
Oct 13 06:16:58 dylan-rodriquezs-powerbook-g4-17 kernel[0]: pci restore waited for ethernet (27631) fail
_+*Oct 13 06:16:58 dylan-rodriquezs-powerbook-g4-17 kernel[0]: PowerManagement emergency overtemp signal. Going to sleep!PowerManagement emergency overtemp signal. Going to sleep!*+_
AirPort: Link Up on en1
Looks like a faulty temp sensor or bad PMU, is replacing the logic board the only option, or is there a way to bypass the temperature killswitch?