OK, did some more tests:
Booting into base norestore, seemingly no problem.
Removing all my onboot entries, problem again.
Booting with
kernel /boot/bzImage quiet tce=sda6 home=sda5 tz=EST-10EST,M10.1.0,M4.1.0/3 noutc base norestore
it manages to load some more extensions before running out of loop mounts.
So there seems to be some degree problem here.
Is there anything I can post to help you trace the problem?