PSM210-417A-R Power Supply, cannot locate fault.

[Finhert]

This PS is from a 32" Prima LCD Tv. I am certain the TV overheated as it was enclosed behind plexiglass without ventilation for many months.

At first the picture cut out (both backlight and image), but the standby led remained lit.
The next day, the standby led cut out too.

There is no voltage on the 5v Stby output.
One of the caps (#601 35v100uf) is quite bulged at the top of the can.
Also the large main smoothing cap (I think thats what it is, its on the primary side) has a very slight bulge @ the top.
I noticed there are TONS of repair kits available, but I dont want to waste my time or money until I can determine w/o a doubt where the prob lies. Obviously I should replace the two caps.
But the repair kit sites say that usually IC301 blows too, and other components.
Very time consuming I know, but should I remove each component one by one and test them? Please dont advise me to get a tech, I want to attempt this myself.
Thanks everyone for reading, ANY advice will be heeded and updates posted.
From Toronto.....
Andrew

[jts1957]

A lot of this job (electronics troubleshooting) is "educated guessing." With the limited information that's available for these products, this is sometimes the best you can do. Without testing each component in the suspect area, you cannnot rule it in or out.