Lockups on 5300s never required any fancy add-ons in my experience. Have you tried to duplicate your results, without the MV16-EN on board. I wouldn't be at all surprised if you could, what with the 5300 being the very first PPC implementation in a PB and all.

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Sorry for dredging up a three year old post, but I learned a while ago (by reading the addendum that came with the MV16-EN software update) that the problem involves 5300s with more than 32Mb RAM. The lockup occurs whenever a sound plays when you're using an external monitor. The issue is resolved by replacing a certain resistor on the 5300 logic board, although I don't know anything beyond that.

My less technical solution was to mute the 5300's audio. Works like a (silent) charm.