I have the same issue and have EMC case too But I do not use 127.0.0.2 for sure.
What I have found is following (using 22.214.171.124 on HPUX and Solaris 126.96.36.199 - two different environments). I will focus on env I babysit (HPUX one).
I did an update from 188.8.131.52 to 184.108.40.206 and I noticed while starting nsrexecd that it hangs and wait forever. Well, not forever, but until I hit ctrl+c. Truss shows that nsrexecd is trying to establish communication with nsrd on server (actually on hosts listed in /nsr/res/servers) and since server is not up at that moment it just hangs until I guess it hits some sort of RPC timeout. Removing /nsr/res/servers (or making it empty) or making sure nsrd is already running will address this issue. Same I have seen few days before I did my upgrade in separate datazone based on Solaris - running nsrexecd on storage node will fail (well, run for 45 minutes or so) if nsrd on server is not running.
Yesterday I did an upgrade to 220.127.116.11 and I can confirm that issue is not present in that version. Not sure about 7.6.0.latest or 7.6SP1. It is issue with NW code for sure.