This time around I noticed that the ramlib_ppc task was the culprit. So I googled around and found that it was a common problem within WarpOS/Warp3D. The stack is just too small.
So I upped the stack size for ramlib_ppc and installed a 68k patch for ramlib itself and now the sonnet library hanged on a DSI when opening Warp3DPPC.library. Debugging showed that this was because Warp3DPPC.library was loaded into FAST memory. Memory the PPC on the sonnet card cannot reach.
So the InitSonnet program was adjusted to pre-load all the Warp3D libraries to the memory of the Sonnet and below is the result (e.g. 75 FPS on the Warp3D gears program).
On a side note: I had ordered multiple Sonnet cards from the US for $25 USD dollar a piece on http://resale.headgap.com/. Too bad they now removed it from their web shop without replying to me. I guess they didn't had it in stock anyway...
Happy New Year :-)