I'm sad to report the 2.6.29.5 kernel causes the same lockup/latching problem.
Same result: From a cold boot the NIC initializes fine. If I perform a warm reboot then the NIC locks and won't reinitialize without a cold restart. I can avoid the lockup if I use the kernel magic keys (Alt-SysRq-R-E-I-S-U-B).
The problem also latches my WRT54GL router. That is, when the NIC shuts down the router latches into an unresponsive state too. Yes, I tried swapping router ports. I can power down and restart my computer, but the NIC LEDs never fire on. Therefore I can only conclude the router is latched and that prevents the NIC from initializing.
I seem to be left with only a few options: buy a new motherboard, buy a separate NIC (and consume more watts), or never update this box past 12.2.
Well, perhaps there is another option: update all of Slackware but keep using the 2.6.27.7 kernel or update to the 2.6.28.10 kernel. As I reported earlier, the 2.6.28.10 kernel does not cause the lockup.
Sigh.