To add a bit to it: EXOS stores, by default, multicast entries in HW as (S,G,V) in L3 Table resources, even if operating in L2. Your issue was typical of the x440 L3 scale, which is limited. What Bill gave you was a way to better optimize the L3 Multicast resources. IF you don't need L3, but only L2, and IF you still encounter your issue in the future, you may want to try switching to L2 learning for multicast. Scale will be way higher.
configure forwarding ipmc lookup-key mac-vlan
other options are: group-vlan (what Bill gave you), source-group-vlan (default) and mixed-mode
mixed-mode may be interesting if you have a mix of L3 and L2.