Ah yeah, I'm seeing a steady ~5V coming from various points (connectors, psu, logic board, etc). I see the issue with additional 5V supplied or via termination power to ZuluSCSI. The power supply is fairly new (modern ATX) and is rated at 30A on the 5V rail. I have not measured the current but my guess is that part should be ok especially given I've tested with a working stock PSU as well and same problem.
I'm testing a spinning hard drive now... same power source, same ribbon, using the terminator on the ribbon cable and pulled the termination resistor packs on the hard drive itself. So far so good but need to wait a bit as I've had cases where the problem went away for days before showing up as it's not easy to reproduce.