I can confirm the same.
After some good use, the machine refused to boot one day and as you descibe, accesses the drive constantly.
I tried disconnecting the floppy cable (last time it happened a connector on the floppy cable was broken, probably shorting), but I got the same result.
Then I tested connecting the HxC to an external powersupply (an older Dell Optiplex on the side (but not as old as the EII
)) and the machine boots fine and stays stable.
At 5+ I had:
Dellpowered: 5,10v
EII-powered: 4,46v
HxC doesn't use 12 volt, so, it sounding like a small machinegun, was related to being fed too low voltage on 5+.
Fixed, and back in business.
Like our good Dr.C says: These machines are choosy on what power they are fed.