Once again I really appreciate your reply. I did some progress last night. Or not. See, now mac mini recognizes the display but all I see is vertical rainbow lights. However, in mirror mode those vertical lines seems to glow/fade accordingly as the screen changes, like a deep blur.
I double checked everything. The only thing i have different, is that my HDMI breakout board have a male HDMI connector instead of the female connector I've seen you used. Didnt notice that at first, but now with so much troubleshooting i came to realize that it could be the culprit. Regardless, I already ordered the "right" breakout board and will try again with it. Will give it a try as soon as it arrives.
Plan B is that this HP monitor will be the donor, with all it represents of opening the iMac arm to make all wiring.
Meanwhile, will work on my "non negotiables" like the ports in the back, the power connector and power button and CD-ROM / DVD bay.
Thanks again so much for your support. Will keep updating as I progress.