Looking into it, though, apparently lead metal and lead ions are both toxic, through independent mechanisms. And that the toxicity of e.g. lead-based paint is due to the toxicity of lead compounds, rather than the toxicity of metallic lead.
Still: is there cause to believe that metallic lead from lead sheathing in cables, would react with something in the ground to form soluble lead compounds, rather than remaining particulate metal and therefore coming to rest in the soil? Things don't oxidize underground, right? And groundwater is usually pH-neutral enough to not create an environment amenable for reduction reactions involving e.g. chromium or sulfur, right?
I say this because several people above have mentioned that there are other metallic-ion "natural pollutants" in groundwater — but I've still never heard of groundwater with high natural lead levels.