The setup seems to still be working perfectly, with the 75w bulb and transformer (having a 4w load) in parallel.
My next test is to see how many watts (at 12v) I need to load the transformer with, before I can take off the 75w bulb.
[edit]
I steadily increased the number of 12v (multi-chip LED) bulbs fed form the transformer, while fiddling with load bulbs on the 120v side. Only with 75w (20 bulbs @ 12v) did things really stabilize. At that point, I could have a 120v load bulb on, switch it off, back on, breaker didn't trip and almost no hum.
I wonder, if I'd gotten a 100w transformer (vs a 200), would the performance have been better? Don't know.
Anyway, I plan to have more than 75w loading this transformer, and I'm glad that things seem to be ok with that. No issues with the palmpad either.