This morning it was reported that our web app on our QA server was completely broken with the following error reported from Web.config:
Could not load
I added a note about this issue in my blog: Microsoft Asp.Net MVC Security Update MS14-059 broke my build!.
Your analysis of the problem is right on the money, by default the Copy Local flag is set to false when the assembly is in the GAC, manually setting it to true should fix this problem.
Upgrading to 5.2.2 is even better, you get the benefits of the new release in addition to the security fix.