I like the idea of optimizing out the second string-match, though that variant matched tramp.el.old which is not a valid library name. Here is a modifed version using the same idea except it skips files like tramp.el.old.
# Bazaar merge directive format 2 (Bazaar 0.90)
# revision_id: alex@3form.com-20140512042218-zjdg3v68bbja2rj2
# target_branch: :parent
# testament_sha1: 330ab5b4527e49ea46d8d16a6d47e5822247ce77
# timestamp: 2014-05-11 21:23:50 -0700
# base_revision_id: monnier@iro.umontreal.ca-20140511034953-\
# 1mzcrftziwhrw9hl
#
# Begin patch
=== modified file 'lisp/subr.el'
--- lisp/subr.el 2014-04-09 01:48:07 +0000
+++ lisp/subr.el 2014-05-12 04:22:18 +0000
@@ -1857,10 +1857,14 @@
load-path (get-load-suffixes)))
nil nil
t))
- (let ((file (locate-file library
- (or path load-path)
- (append (unless nosuffix (get-load-suffixes))
- load-file-rep-suffixes))))
+ (let ((file
+ (locate-file
+ library
+ (or path load-path)
+ (unless nosuffix
+ (if (string-match "\\.elc?\\(\\.gz\\)?\\'" library)
+ (if (= 2 (length (match-data))) load-file-rep-suffixes)
+ (get-load-suffixes))))))
(if interactive-call
(if file
(message "Library is file %s" (abbreviate-file-name file))
# Begin bundle
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