OK, I fixed the issue. It was not an alignmenty thing after all!

For those interested, it's in the function:
struct HREC *lookup(char *sym)
It's using the macro symcmp to compare symbols in a hash bucket.
The problem is that this macro is comparing 8 bytes.
So if symbols end up in the same hash bucket and their names have the same first 8 characters, panic ensues.
This was the case for the symbols U235SE_playback_rate and U235SE_playback_period.
I attached a zip file with patched source code and executable for Windows.
sh3-rg told me that people are working on improving smac/sln so I'll leave it at that for the moment.