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You will not get a mouse light because it does not turn on. If it is not turning on, it cannot power a USB device. The purpose of plugging in a mouse is to see if the machine can POST, which can only happen once it has turned on.
Well this is pointing to bad TPS51125. SMC_PM_G2_EN tells PP5V_S5 to turn on. If PP5V_S5 is not shorted to ground(which indicates no problem after U7200) and SMC_PM_G2_EN is present(indicating no problem before U7200) then I imagine your problem is U7200. Is there a short to ground on PP5V_S5? If there is no short to ground on these lines something is going on in U7200 area. Inspect it closely before replacing the chip to see if there are hints of anything else being the problem, and if there are none, just replace U7200.