@m_Andrew thanks for the extra info! I was able to confirm a few things:
1. The switch is responding to arp, but not ICMP, as you suggested.
2. The switch is actually doing the relay operation, but the "use the uplink for the mgmt interface" seems to be a fundamentally flawed design. Let me explain:
Switch uplink IP - 172.28.0.2
Switch DHCP relay interface IP - 172.28.1.250
DHCP server - 172.28.4.254
So, the switch is relaying from the 172.28.1.x network and sending the relayed packet to the DHCP server at 172.28.4.254 it does this over the uplink interface. The problem is, it's sourcing the packet from the DHCP relay interface IP, 172.28.1.250. But, it's sending it on the uplink interface which is the 172.28.0.0/24 subnet. The MX67 IP spoofing protection eats the packet because the source IP doesn't match the subnet of the incoming interface. I can't see any situation where the MS120 would be able to relay for VLANs other than the management VLAN when the traffic is being handled by an MX with IP spoof protection turned on (it is by default).