Well, tried some more:
Apparently, using DrMD, you can switch the light on / off BEFORE you run a rom.
After that, it's completely disabled (maybe that part of the software crashes somehow).
Then I tried Castaway. I tried all the different clockspeeds, from 66 MHz to 166 MHz - but the light switch doesn't get disabled.
So it can't only be the clockspeed.
But fiddling around with Castaway, I stumbled across one thing:
Playing with 66 MHz does not only make the emulation speed slower - it also lenghtens the time you need to press the SELECT button to turn the light on / off.
So it HAS something to do with timing.
Maybe it uses a specific timer to determine how long you press the SELECT button, which can somehow be accidentally disturbed. Both DrMD and Rlyehs Betas use very optimized timings, so this could be a reason...
Also, this "bug" only appears on BLU+, which is the same as a BLU - except for some LCD timings...