I rebuilt the raster images into a single piece, flattened the layers and exported “as”. That has solved the alignment problem and stopped the outlined text being affected as well. I’m now pretty sure that something changed within GF software about how it handles embedded raster images. The original art was at 600 DPI, the new is 300 DPI.
I also noticed that GF changed the way it processes solid white color interiors of images - it used to just “ignore” the white, but it now treats it as transparent, or, if set to engrave, will burn the white as if it’s black. I guess I could adjust the power settings for that image.