1. It might not be there in the place where you're looking. It exists in the m4 in the release tarballs, not in the git repo.
2. It's highly obfuscated.
This: 'gl_am_configmake=`grep -aErls "#{4}[[:alnum:]]{5}#{4}$" $srcdir/`' seem to match the '####Hello####', but, as far as I can see, that's supposed to be the already converted script?! I presumed the binary files not to contain human readable strings, maybe that's the whole confusion.
Do you have a (safe web view) version of those files? I would like to see what they look like to a casual observer. Judging by the 'tr' assembly command I would expect the bad-3-corrupt_ligma2.xz to be somewhat recognizable as script.
From what I've read, the payload isn't stored in the archive, but rather the test file itself is a sandwich of xz data and payload: There are 1024 bytes of xz archive, N bytes of payload, another 1024 of xz, etc.