There was a topic similar to this recently either here of on 68Kmla. Turned out the resistance between power and Ground was normal for that board. You must account for leakage in all the chips that connect between 3.3V and Gnd. 3.3V/28ohm = 100 mA, which does not sound out of line.
What you really need is for someone with a good working 8600 to measure the static resistance between 3.3V and Gnd so you'll know if you're chasing the correct squirrel.
In that other thread someone did the test on a good board and the resistance was about what the original poster was seeing.
You might also check resistance between 3.3V and 5V and 12V if you have not already. I once had a board with a dead short between 3.3V and 5V. It was in one of the main chips.
Is this an original 8600 or a "Enhanced" 8600, AKA Kansas or Mach V? If it's an original 8600 you could try a 150MHz of slower PPC604 CPU card and see if it will boot. This is old memory but as I recall, the older PPC604 chips run on 5V and the newer on 3.3V. Most of the motherboard runs on 5V, but some of the PCI circuitry needs or may need 3.3V. So with an older CPU card, one can often boot one of these machines even if there's a problem with 3.3V.