Okay, I've tracked it down! The issue only appears if you have gen_lyricsplugin.dll active when winamp loads. If you enable the plugin after winamp is already running, the plugin works fine without the issue showing up.
I've noticed this plugin can't even be enabled in the portable version for some reason.
I've attached it, if it's useful. Rather weird that it requires both this plugin AND a change from between 24960 and 25130...
[edit - dro]
attachment removed - the installer / site for the plug-in is still available to get it from though the site certificate expired earlier this year which likely isn't helping with the loading of the plug-in.