Here's the latest and greatest:
I put the loco on the track with the RP system on and immediately starting smelling the unhappy electronics smell with some mild heat. No movement, just sitting there with track power on.
Updated the LM-2S to the current standard and uploaded a sound (horn) and assigned it. Could not get the horn to play.
Plugged in a known LM-3S and got the sound to play and loco to move. Notably the sound was quieter than last night using the same module and speaker - this should've been my first warning.
Reinstalled the LM-2S but without speaker for a moment. Nothing smelly, no heat. Plugged in the speaker and within 15-30 seconds the unhappy electronics smell appeared and the module starting getting warm. Waited a moment (45 secs ?) and the module was warmer, to the point where if you held your fingers on the narrow sides for about 15-20 secs you'd start to think about removing them.
Checked the bridge rectifier - it was getting warm as well.
Inadvertently touched the speaker driver and damn near burned my finger!!
This explains the speaker having less volume and the static-y sounding speaker I originally installed. We are getting some serious power leakage through the speaker.
Too bad I killed two $18 speakers to find this out.
I wired in the bridge rectifier like I've always done between the red & black wires on the harness, with the KA-4 on the module side. I double-checked that I had the BR the right way round as I screwed that up once - all good.
So, electrical gurus, where's the problem?