Well, guys it's been (not) fun working with you all on this issue. I have to bid you all adieu. After me fussing and fuming about this issue to management, my company finally allocated the resources to build us a new Windows 2016 64 bit server and we migrated the data to it. So this is no longer an issue for me as we no longer have any SMB1 servers left.
MS has clearly stated in it's complete silence on this and a few other forums that it will NEVER address this issue and the only route we have to a real fix is to update the servers. For non MS SMB1 devices this is still an ongoing issue.
The bit of script I describe above works well to remove the registry keys for all drive letters. So even if your users map their own drives to these old servers, the script will remove the key and prevent it from stalling the logon process and make the shares immediately accessible. When I was using it I put this at the head of the script before the map commands and again afterwards so that the registry key was gone no matter what.
So, good luck all.