I believe that "ATmegaBOOT_168_diecimila.hex" is correct and I also confirm those fuse settings - at least from boards.txt.
Can I suggest you try this again carefully, erase the chip, load and verify that bootloader, set the fuses, and reset the processor without doing anything else to see if you get any led action.
If the severino was a purchase, maybe the website where you bought it has a help forum?
This site http://blog.open-embedded.info/2009/04/day-2-programming-arduino-severino-v2.html says it's burning that loader to a severino.
also, using avr studio and dragon, my efuse shows up as F8. I believe that only the bottom 3 bits matter but still, if you're seeing 00 in avr studio, something's odd. those 3 bits are specifically important to the loader.