I had the same problem with mine and assumed it was the video card. I had already replaced the cooling fan on the nVidia 6600 that came with the machine once, and when I saw no video one day a few months later I assumed it was my graphics card. I bought a cheap ATI 3450 low profile card with no cooling fan, just a good sized heatsink (didn't want the fan to fail again and was hoping that not having one would reduce the power draw of the card - and be a tad bit quieter). After swapping out the graphics card it's worked fine since... and even after running the system restore once... no problem with the nVidia graphics driver. Just removed the nVidia driver uneventfully and went about my business.
Also, I too had my lightscribe dvd drive go bad early on. I replaced it with a cheap samsung lightscribe drive from Microcenter that seems to be doing fine.
Another unrelated-to-the-thread bit - I took my personal media drive out and plugged it into another pc on the home network. From there I shared and took that bit of workload off the z558's power supply (again hoping to reduce the power consumption).
HP Z558/ATI Radeon 3450/2GB PC3200/320GB SATA/3.2 P4/ATI HDTV Wonder/Hauppauge WinTV PVR II/XP MCE 2005