Hi,
I think there is a bug in the operate :around t t method.
I looked at this in the SBCL source tree and couldn't find ASDF's upstream git repository on common-lisp.net, so this may already be fixed there. Sorry for the noise in that case.
The problem is
#'(lambda () (make-operation name :original-initargs initargs initargs))
which, I think, should be
#'(lambda () (apply #'make-operation name :original-initargs initargs initargs))
Kind regards, Jan