Follow up..
This was a bug, but in this particular case - the audio file was being pulled directly from an SD card, not from the disk I thought I'd copied it to.
Unfortunately, I was never able to find the bug number I posted a few months ago describing the problem. Was it fixed in the most recent update? I don't know. I do know the problem existed before reading the audio files directly off the disk (PT10, luckily was able to open the session, and create the overviews).
In this case I went back and did the same process again - and if I explicitly
"copy", rather than "add", the waveforms, PT11 is able to process the waveforms and build the overviews.
I still don't think it should lock up on valid wav files, even if the they're on an SD card - or for that matter, ever. And that it still does as of 11.3.1
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