Nope, I just tried a different 800k drive that I know ejects disks fine, and still no ejection.  Just restart + instaboot off the disk it didn't eject...

Maybe this is an issue with booting a Mac 128k off an 800k drive?  Does someone have a Mac 128k that they can boot off an external 800k drive and see what it does when you shut down?

Is it possible there is something wrong with the ROM in this machine?