Does it play a CD-R? If it does, it's NOT the laser. [...]
I have ALSO observed the spindle motor being lazy. [...]
As mentioned in the OP, I am confident that it is
not the laser, tracking, or drive (fortunately!), since the noise also occurs while the player is sitting idle without playing a CD. (The mute relays are bridged, since I had suspected them to be flaky and cause the noise.) That would suggest that the problem lies further downstream, on the demodulator/decoder board, right?
As suggested by LA7SJA, I have looked at the power rails again. All at their nominal values, and nice and clean. And of course, now that the player sits on the bench, opened up and with the scope connected, the issue has not shown up over the past three hours... Can't provoke it by heating things up with a hairdryer, nor by tapping the boards and connectors. Sigh...
One thing I only noticed now -- probably unrelated to my issue, but it makes me a bit nervous: The SRAM connected to the SAA7020 is by far the hottest-running IC. While it won't burn my finger, it is unpleasantly hot to the touch. (That's with the player just sitting there, powered on but not playing a CD.) Is that normal?