I did what u said and down graded my bios to the version u posted.
I still had panics, so I went thru the new bio settings to see what changed from the downgrade.

All I changed was the advanced settings/drive configuration and disabled auto mode. THAT WORKED!

So I decided to flash my bios to latest version and only disable the drive auto mode still worked fine.

Thank you for getting me on the right path.

Ill report back when I have it all working.

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iDeneb v1.4 10.5.8 Vanilla
MB: Intel DG31PR (ICHx,USB,PS2 Fixed)
CPU: Intel Core 2 Duo E4500 2.20GHz
Video: PNY-NVIDIA GeForce 9800 GTX+ 512MB (Install with onboard Video, Add EFI String to boot)
Ram: Corsair 2048MB PC6400 DDR2
Audio: Realtek ALC888(ALC88X Fixed)
Net: Working out of box
HDD: 3 SATA / 1 IDE (Win Xp, Win 7, OSX86)
CD/DVD: LG -R, -R DL, -RAM, -RW, +R, +R DL, +RW

Snow Leopard install in progress.