I was Steve-O's ships, optimized versions definitely helped (that's where the problems first appeared though).
The problem is, after a long period of playing or a very, very intense mission, the BmpMan gets overloaded anyway.
Bad assets were only the fastest way to the problem, a large amount of varying effects can also cause issues, just not as quickly (for instance, halfway throught a medium lenght campaign).
Also, asset problems have nothing to do with sounds getting quiet, which can be caused by, for instance, combining a rapid firing gun with Chief's weapon linking code and a large gun bank, resulting in rates of fire nearing 100 rounds per second in full cycle mode (this wasn't a problem for the projectile limit, since the gun also had a very short lifetime and high muzzle velocity). This means almost 1 sound per frame (when fully linked, it gives 25 sounds per second, which didn't caused too much problems). Firing this gun like that for a while will get you sound problems quickly (although it's a stupid thing to do in most "real" situations).
For a more "earthly" situation when this becomes an issue, try using a new missile warning sound (posted on Mediavps forum a while ago) with some of the BP missions where you get swarmed by Nyxes with Tornadoes.
Of course, this means you're effectively dead, but sounds remain quiet untill you exit FS (including interface sounds).
If purging the cache is not a good idea, maybe the bitmaps and sound should be loaded only once, then get reused. This should completey nullify any sound problems, since there are ussualy only about 250 different sounds in game (interface and gameplay). Some mods can use a bit more than 300 (due to things like Bithin' Betty, or large variety of weapons).
I don't know if it's a good idea from a programming standpoint though.