I cleared out the browser cache and tried both Static and CGI contexts. Same result. The php file is executable, overrides are allowed but not for this context, and the VHost has scripts enabled, restrained and symbol links allowed.
As a side note, I don't use the per-directory .htaccess file to create rewrites which achieve this same goal in Apache, because in LiteSpeed, the rewrite becomes a redirect -- the URL changes. But I'm not bothered by that; I would rather use the LiteSpeed method of contexts.
I am using LSWS 2.2.4 Ent.