Thanks for the quick reply!
I do have lights on the top of the pedal - both for volume and wah. I was also able to get sound with the FBV plugged in by:
1) pull the power cord from the amp (spider V30)
2) Plug it back in and turn it on/
3) Connect a guitar - there's sound!
4) Connect the FBV - there's still sound, but no functionality of the volume or wah pedals, though the LED's come on when the volume pedal is depressed flat.
5) If I turn off the amp with the switch on the back I lose all sound. I have to go back to step 1 for sound again.
After I posted here i stumbled across THIS THREAD, which also mentioned the opto led. I did dismantle the FBV but I did not have any luck shining a light on the receptor led. I'm thinking (hoping) the culprit may be that board anyway. I ordered a replacement for $7 - hopefully that does it. If not, i'm only out $7.
I'm saving the factory reset option as a last resort.
I'll update the status when i get the replacement board - it's currently out of stock (of course).