OK. That's good. A little odd because it was not quite what we saw in the first log, but I'll ignore that. There is no way the script itself can loop, so it seems pretty clear that Sage is restarting the player on each refresh rate switch, which is not a wholey stupid thing to do. If they were clever they could probably do it with just a STOP and no QUIT, which would be great, but since no one would benefit but Reclock users who use scripts (maybe just you!) I don't imagine you will get much interest in changing things.
If, as you said earlier, the player process never shuts down I can only think of one workaround. That is to only switch rates on a QUIT after we are sure we are not restarting due to a previous change. This would work great if the next YELLOW after a QUIT was only a second or so later - we would only have to wait a second after a QUIT before returning to 59Hz. It would be uglier if it takes 6 seconds (as in that earlier log) - you would have to stay @24Hz for >6 secs after the player closes before switching back. But you describe the screen flicking back and forth as fast as the TV is capable, which suggests it is a shorter time and not ~6 secs, so it may work well. This is why I wanted another "free running" log covering a few loops - to really see how long it takes, maximum, to restart the player - the time from one QUIT to the following YELLOW.
But, never mind, as I'm intreagued by this now I'm going to put something together for you to try this afternoon. I'll start with resetting to 59Hz 6 secs after a QUIT (but only if the player does not restart in that time). If that works you can try reducing the delay until you start to see flipping again. Then you can decide whether that is good enough for you. I'm not sure there is much else to be done unless you can persuade Sage to let you run a command when the player really stops