Well this has been interesting, and now the mystery is solved. The prize goes to @mulveling for correctly deducing that when ARC last serviced the SP-14, they soldered 100-ohm load resistors in there. They did know I was using an MC cartridge, but wow it would have been nice if they had said something.
Anyway, this explains a lot. Not only does it explain why the SUT behaves as it has, it also explains why when not using the SUT, the cart sounds better when I load the tonearm with 22 ohms than when I load it at 20 ohms, which is the spec for this cartridge.
I am definitely not going anywhere near that circuit board with a soldering iron, so there will be no more experimenting with this SUT for me. I'm going to try 25 ohms on the back of my arm, and if I like that sound, start tracing everything I can to find a way to eliminate that last remaining hum. Thanks to everyone who contributed.