I know it is an old hardware but similiar hardware is running fine. here is the issue,
System booted : works okay for some time then display was hung so system was rebooted ..it gave data access error. again rebooted and it came up fine..
This is 99% sure to be failed memory. The 2nd line of your log is pointing to a memory error on DIMM 3, and later the CPU causes a panic to crash the box due to this unrecoverable memory error.
Latest versions of Sol 8 kernel patches had better error correction routines, but if it truly is failing memory that's not going to help much. I'd say replace the bad DIMM, or if the box has enough you can just remove the bad memory and keep it running on less try that and see if it helps.
I said I will try memory modules, but it was a hassle to take out memory chips due to a floppy drive on top of memory...anyways I have swapped the disk in to a similiar hardware sparc machine and machine is going fine since yesterday ...
still curious to know if memory or hard drive is problem..