I bet if you take the cover off the floppy drive you'll see that when it boots and does the track0 seek routine - that the disk is not spinning. This could be either a failed motor or bad power coming out the plug of the power supply cable. Worth a check anyway.
Treat yourself to an LS-120 SuperDisk drive if you can find one. They boot the BP6 Oh-so-fast from a floppy & the 120MB capacity comes in handy too. I've been trying to get the 6-disk WinXP floppy boot set to load from a single LS-120, but MS makes it tricky.