I don't think it's the zener, as far as I can tell, it behaves normally (it's normal, I believe that it stops regulating if the current becomes too high)
I do have the U101, so I will socket it again and test a few more things to see if I can be completely 100% confident that it's the culprit...
To me, that low impedance (14 ohm) path between the 5V and 7.5V rails is the reason why I'm getting 5V on the 7.5V rail: the current becomes too high, the zener drops the regulation, and the 5V rail takes over...
I've read somewhere that you could use a 5 digit multimeter to troubleshoot where a short is... have you heard about that technique?