I started playing through the presets in "AWE64 Gold Presets.sf2" via live MIDI. All of the presets correctly produced sound until I got to preset #34 "Picked Bs.". When I tried to play this preset, BASSMIDI produced no sound, and then switching back to a different preset, it still produced no sound until restarted.
The issue appears to be the humongous negative attenuation value used at the preset level, which is set to -1000 dB (actual dB as reported by Polyphone is -400 dB). Removing this value or setting it to a more reasonable level, e.g., -11.2 dB (-4.48 actual dB) to counter the instrument-level attenuation fixes the issue.
As far as I can tell from the spec, the behavior of the initial attenuation generator should be the same regardless of the SB LIMITS flag. Negative attenuation values at the preset level should only be able to counter attenuation applied elsewhere (e.g., CC7, velocity-to-attenuation modulator, instrument level initial attenuation). By default, a sample played with no initial attenuation at the instrument level, CC7=127, CC11=127, velocity=127 should not play any louder with preset level initial attenuation set to a negative value.