This doesn't make sense. If the SB Live is truly hogging the bus then it would cause problems for other PCI devices and the SB Live shouldn't be having any problems.
Let me elaborate. Say the SB Live needs to access the PCI bus every 50 ms to grab data from memory and produce sound through its DACs. If it hogs the bus (i.e. it controls the bus) then it won't have any problems gaining access to the bus to produce non-distorted sound.
However, let's say another device is hogging the PCI bus (therefore controlling it). When the SB Live needs access to it then it would be forced to wait (since the other device is hogging the bus) and this could cause pops and static.
So, it seems to me it's some other devices fault -- not the SB Live.
Also, I have a MX300 and I've experienced minor pops on my Via chipset motherboard (Tyan S1598C2). So, if I had to blame someone, I would be more inclined to blame Via.
Actually, in reality, it's probably not fair to blame any one individual. There are too many variables -- it could be a particular motherboard's fault, it could be a particular motherboard chipset, it could be some other PCI device, it could be a bios problem, it could be bad drivers etc.