This seems to be a problem of my own making.
Looking at some of my larger groups and whole house group, I had the sizes too large. Dropped everything down to "minimal grid" and it Rendered just fine.
This is on a 32gb machine with a 16core processor. Watching it run, I could see xLights using 28gb of that memory but only 14% CPU time. Then my video monitors would go blank for 5 minutes, then it would come back and say it was complete, but had a "blank section" with no lights. About 10 minutes without a good FSEQ.
Now it finishes correctly in just over 2 minutes. The problem group, almost the whole house, is about 150,000 channels.