I gave up trying to fix the res. I ended up reinstalling IRIX onto a clean hard drive (My CD-Rom behaved for once). I inserted the old IRIX system hard drive into the octane and copied / replaced all the files from the /usr/gfx/... location in hope it would replace any 'bad' files. Rebooted with the old hard drive and didnt work. Perhaps the actual setup environment information is stored somewhere else. If I knew where, i can try replacing that file.
I may just cut my losses and retire the old system drive into a data drive. Besides, I already reinstalled all my applications/liceses onto the new IRIX install and everything is working good.

2x600mhz R14000 Octane2 dual head V12 / V10, 7 gig Ram

2x250mhz R10000 2gig ram, MXE, Digital Video, MSCSI, Jaleo

400mhz R12000 O2, 1gig Ram AV1 - 250gig Media' raid

180mhz R5000 Indy XZ 256mb ram

200mhz R4400 Extreme…….Under Construction
Dell T7600 dual 3.5 Xeon, 512 gb ram, Quadro K6000 + Tesla k20 - DaVinci Resolve Studio Editing
Dell T5500 dual 3.2 Xeon, 72gb ram, Quadro 6000 + Tesla C2075 - DaVinci Resolve Studio Cutting
Intel i7-990x 3.46GHz Extreme 6 core / Quadro 5000 & 2 x Tesla C2075 / 24gig Ram inside an SGI 320vw case