I've had the same problems with my x3 and new holiday xbox. I've modded a v1.6 successfully the night before trying the one that comes with the two games of topspin and ncaa 2005 football and have tried two xboxes like it. I get nothing but the blue light on the front of the x3.
You don't need to have a bank selected in order for the x3 bios screen to show up if it is preinstalled on the chip. Mine were preinstalled, but i think the LPC rebuild is not compatible with the holiday xbox. I also read that on Xbox scene from another forum.
Is your xbox one of the ones with those two games and appears to be a v1.6?