Hi, I believe this is a fault with rev1 motherboards. I don't have my rev1 any more but it had this problem on any pcmcia access. My ancient post about it is here, but it won't be very helpful -
http://eab.abime.net/showthread.php?t=23324
It may be not present or not noticeable with pcmcia CF card access because there is much less frequent access but with SRAM the PCMCIA is accessed constantly and the colour flickering is very obvious and distracting.
I don't think there is a solution, and the rev1 is also incompatible with ACA630 so I'm afraid you might be out of luck with fast RAM.