Is it possible to do the setup without the Power Board? Just the Main Board and 2 Chime boards?
Absolutely - it's all mix-and-match. 
Most of the toys in my cab are actual pinball mechs on 24V (2 flippers, 3 pops, 2 slings, 3 chimes, a bell and a knocker), plus I have 3 12v starter solenoids. Doing the math I need to build 2 chime boards for the real mechs, and the only things I would have on the Power board would be the flippers and maybe the starter solenoids if I wanted to pwm them. no lights, no shaker, etc.
That does sound perfect for the chime boards.
If you ever did want to add flashers and a strobe, you have the outputs on the main board for that.
And if you change your mind later and end up adding a bunch of stuff requiring PWM, you can simply add a power board to your system at that point. You can add or remove boards from the system at any time - it's just a matter of plugging in the boards you want and updating the settings in the Config Tool to tell it what's currently attached.
If it is possible to do that, could I bypass the timer on 2 of the chime board outputs so I can hook the flippers to them and not have them shut off while I'm holding them down.
Yes, and in fact, the chime boards have a timer bypass option designed in for just this kind of situation.
To do that, pick out the output you want to control directly with no timer. Once you have one picked out...
Step one: Find the block on the board for that output - there's a white rectangle drawn around the whole block for each timer circuit on the silkscreen.
Step two: You're going to OMIT all of the parts in that block, EXCEPT the PC817 opto chip. (So it's actually easier to build if you want to bypass a timer!)
Step three: But now you're going to add in two parts that aren't normally there.
3A: The first part to add is a simple wire connector in place of the resistor marked "BYPASSn". It's marked on the board as a resistor, but it's actually a "0 Ohm" resistor, which is equivalent to just soldering a piece of wire across the terminals.
3B: The second part to add is a 270 Ohm resistor. If you look closely, you'll see a white diagonal line drawn across two of the side-by-side resistors, from one terminal on one to the opposite terminal on the other. Install the 270 Ohm resistor into the holes connected by that diagonal line.
I hope that makes sense! It mostly simplifies things to omit a timer because you can leave out about a dozen parts, but you do have to find those two special extras. Hopefully it'll make sense when you look at the board.
When you're ordering parts, be sure to leave out the timer parts you won't need and add one 270 Ohm resistor for each bypassed timer.
Edited by mjr, 07 December 2017 - 12:30 AM.