I have a similar bios issue, recently my original 1TB/SSD combo drive failed and I replaced the HD with another 2.5" I had loaded with a retail Windows 8 system. That worked fine, however I decided to do a full set of updates since I was redoing the whole system anyway, unfortunately upon attempting the BIOS update from the original v1.10 to v3.08 (from the lenovo website) the update failed and locked into an infinite reboot cycle which sounds similar to your issue except I have nothing ever displayed.
Mine comes on for about 3 seconds, the keyboard lights come on, but nothing shows on the display, no backlight either, as if it were off, and after about 3 seconds it turns off, stays off for about 3 or 4 seconds and turns on again, and it simply repeats this endlessly if left on.
I have also tried the proceedure on Jim's Jump(attempting to flash the Yx01.bin crisis bios from a usb flash drive) as yet to no avail, but I still have a few ideas. Something I've yet to try, is removing the HD(perhaps forcing it to look to the USB?) then re-trying the proceedure noted on Jim's Jump. I'll likely be trying this later today so I'll update with results once I've attempted it.
For you specifically, I believe I've read that if the bios is still accessable, but simply not displaying to a screen, that the key sequence needed to reset the bios is: F2, Left, Down, Down, Down, Down, Enter, Enter, Enter, Enter. I can't confirm this of course, but I've seen this noted elsewhere. It hasn't worked for me, but might work if your bios is still somewhat accessable and just not visible.
I've also read about soldering a replacement bios, but I'm a bit reluctant to attempt it yet. Additionally it may be the case(not yet confirmed) that there are actually two bios chips on the motherboard(IIRC I read this earlier in the context of someones bios problems with the similar y410p model), this sort of makes sence when I think about it, if the bios itself does have an option to reset to factory, it has to get that data from somewhere, physically swaping the main bios with the backup would make sense and leave it with whatever bios was factory original.(Though I'd assume swaping the main for the backup would also make the reset option in the bios menu non-functional and potentially damaging if ever used afterward). If only the engineer who designed the board had made it jumper selectable.... :smileyfrustrated:
Besides all this I've been checking into just buying a replacement motherboard for a swap, which I've learned isn't as straight forward as I'd have hoped; because there seems to be at least 12 variations of the "NM-A032" motherboard, for which I'm still not entirely sure of the cross-compatibility. For instance I'm not sure if the VIQY0 NM-A032 versions of the motherboard have any issues which make them incompatible with a system that originally came with a VIQY1- NM-A032 motherboard. I've started to decipher the differences between the various different models, I might start a thread just to expand on that.