After some tests, it is not, strictly speaking, a crash bug. In fact, it will never actually crash to desktop, it just stops responding, and sometimes it'll start responding again if I wait. The issue seems to be specific to the normal cockpit view from a ship with $Preview: if I hit * to look at my ship as I'm flying, or if I'm looking at but not flying a Perseus, then there's no problem. It seems mainly to be a performance problem, although my fps counter never drops below 20. What I'm seeing with the vertical blue line and the occasional blue flash is the preview path of my own ship's ejection. The problem seems most pronounced when I afterburn and make sharp turns.
I'm only guessing because I haven't looked closely at your code, but I suspect that it can't decide whether to render the preview path in front of the camera or not, and somehow that's causing the script to short-circuit or something.
I also tried commenting out the +offset in the config file, and that prevented the lockups. Locating an ejection seat origin too close to the camera is clearly the problem.