Thank you both for your replies.
I would like to own a nice Rigol oscilloscope but it’s more than I can pay right now and a Logic analyzer is even more. The cheap analyzers found on Amazon might be a bit weak compared to Saleae devices, but maybe they’d work too for a “normal speed” bus ? There’s also this software Oscilloscope which works with Pigpio that I’m planning to try later.
I’m testing a few other things before giving up with the RPI.
It turns out that the drool was caused by a mistake of mine, a bad connection on the breadboard … 
New tests today revealed that the voltage is very close to 3.3v in both scenarios (module on or off). One more time, I let the 301 boot and hot plugged the two lines and ground. No drool with the Txo either.
At this step, the voltage is still 3.3v. But right after the bus scan, the line is held low by the follower, and stays at 0v…
The I2c specs mentions that when this happens, the solution for recovering the bus is to send 9 clock pulses…
If the data line (SDA) is stuck LOW, the master should send nine clock pulses . The device that held the bus LOW should release it sometime within those nine clocks
At the moment, I’m trying to figure out how to send 9 clock pulses from the terminal
. Such a bus_recovery method or “bus clear” doesn’t seem to be implemented within i2ctools (or maybe it is but there’s no documentation, so it’s hard to know) This feature is not implemented in the BCM2835 driver…
I’m experimenting one more day with the Pi and if it doesn’t work I’ll probably switch to another method.
@okyeron The ESP8266 is an option I have considered. Teensy + ESP32 is also a great idea
There won’t be Node.js and node-red in this scenario but there are a lot of libraries available for Arduino and the code for talking to the ER-301 is already written, so… Yep, I’ll definitely get one if the RPi experiments fail again today.