I removed that card afterwards, sad thing is that i don't see the initial bootscreen but i ordered a couple of GT120 512MB from MacVidCards so that issue will be gone i hope.
So does it work with the card installed?
Yes, quite an oddity. The Mezzanine card seems to have no affect on whether or not Yosemite boots up, just the PCIe card. Yosemite will boot from both a working install on a drive bay and the SFOTT key with JUST the Mezzanine card installed, but won't boot Yosemite with a PCIe GPU, regardless of whether the Mezzanine card is there or not. The result of the boot depends on the card I have installed. Both result in an incomplete boot, but if I have my Radeon 6450 installed, the boot just hangs at [PCIConfiguration Begin] and with my GeForce 405, it just reboots at that same line.
I'd like to say that this is just a project. I'm perfectly fine running Lion on the Xserve. It does everything I need it to, but I know that the end to security updates for Lion is upon us, and that I don't like.