Well, behavior with the patch applied is certainly different. The large download I'm running still times out; however, it is now able to resume without needing to bring the interface down and back up. However, after the first timeout, subsequent timeouts occur with much greater frequency -- still making this multi-GB download an impracticality when using -net tap.
The flood ping is not killing the network connection, though it is interrupted by frequent messages: "Warning: time of day goes back (-23150us), taking countermeasures". (This is no the high end of the time variances shown; the smallest are on the scale of 120us