= Solution
Write $a=\Lambda T$. The <deformation gradient> of one interval of <shear flow> is $S(a)=\begin{pmatrix}1&a\\0&1\end{pmatrix}$. An initial unit <material line> at angle $\theta$ therefore becomes $(\cos\theta+a\sin\theta,\sin\theta)$. Its orientation, including the correct quadrant, is
$$
\boxed{\theta_T=\operatorname{atan2}(\sin\theta,\cos\theta+a\sin\theta),\quad
\ell(\theta)=\sqrt{1+a\sin2\theta+a^2\sin^2\theta}.}
$$
For an unoriented line the angle is taken modulo $\pi$. If $\Lambda=0$, there is no <shear flow>: every $\lambda_N=1$ and $\mu=0$. The fluctuation and maximizing calculations below concern nonzero shear.
To quantify the <renovating shear flow>, use the intended isotropic model: each shear orientation is independent and uniform modulo $\pi$. Independence by itself does not specify a probability law and cannot fix the answer. Under the uniform law, conditional on every earlier deformation, the relative angle to the next shear is again uniform. Thus the logarithmic increments $\xi_n=\log\ell(\theta_n)$ are independent and identically distributed, even though the absolute orientation of the stretched <material line> need not be uniform. Since $\log\lambda_N=\sum_{n=1}^N\xi_n$, only the one-step angular mean is needed.
Write $\ell^2=A+B\cos(2\theta-\delta)$, where $A=1+a^2/2$, $B=|a|\sqrt{1+a^2/4}$ and $A^2-B^2=1$. The supplied angular logarithmic integral, with parameter $B/A$, gives
$$
r(a):=\langle\xi\rangle=\frac12\log\frac{A+\sqrt{A^2-B^2}}2
=\frac12\log(1+a^2/4).
$$
Therefore \b[the mean logarithmic stretching rate] is
$$
\boxed{\mu=\frac{\log(1+\Lambda^2T^2/4)}{2T}
=|\Lambda|\frac{\log(1+a^2/4)}{2|a|}.}
$$
This is the <mean logarithmic stretching in an isotropic renovating shear>, and the <strong law of large numbers> gives the same almost-sure <Lyapunov exponent>. Taking $\Lambda>0$ without loss for this statistic puts it in the requested form $\Lambda F(\Lambda T)$.
For $b=|\Lambda|T$, $F(b)=\log(1+b^2/4)/(2b)$. At small $b$, $\mu=\Lambda^2T/8+O(\Lambda^4T^3)$; at large $b$, $\mu\sim\log(b/2)/T$, tending to zero when $T$ increases at fixed shear rate. The maximizing nonzero $b$ solves
$$
\log z=2(1-z^{-1}),\qquad z=1+b^2/4.
$$
The difference $2(1-z^{-1})-\log z$ rises from zero up to $z=2$ and then strictly decreases to $-\infty$, so there is exactly one root beyond $2$. Numerically,
$$
\boxed{|\Lambda|T\simeq3.9605826,\qquad \mu_{\max}\simeq0.2012|\Lambda|.}
$$
Very rapid renovation gives little deformation per interval and cancels the first-order mean stretch. Long intervals provide strong deformation but progressively align a <material line> with the shear direction, so one interval stretches it only algebraically in $T$. Intermediate persistence combines substantial deformation with frequent reorientation, producing the finite maximum.
For the distribution, let $\gamma=\operatorname{arsinh}(|a|/2)$, so the singular stretches of $S(a)$ are $e^{\pm\gamma}$. In the right-singular-vector basis, $\ell^2=e^{2\gamma}\cos^2\varphi+e^{-2\gamma}\sin^2\varphi$. Put $q=\tanh\gamma=|a|/\sqrt{a^2+4}$. Factoring this expression and expanding its logarithm gives
$$
\xi=r(a)+\sum_{j=1}^{\infty}\frac{(-1)^{j+1}q^j}{j}\cos(2j\varphi),\qquad
v(a):=\operatorname{Var}\xi=\frac12\sum_{j=1}^{\infty}\frac{q^{2j}}{j^2}.
$$
The variance follows from angular orthogonality. These bounded independent increments imply
$$
\boxed{\frac{\log\lambda_N-Nr(a)}{\sqrt{Nv(a)}}\ \Longrightarrow\ N(0,1).}
$$
Accordingly the central part of the large-$N$ stretch distribution is approximately described by a <log-normal distribution>, with density $[\lambda\sqrt{2\pi Nv}]^{-1}\exp[-(\log\lambda-Nr)^2/(2Nv)]$. This <central limit theorem> is not an assertion about arbitrarily extreme tails: the exact stretch has support inside $e^{-N\gamma}\leq\lambda_N\leq e^{N\gamma}$.
For $|a|\ll1$, the <log-stretch fluctuations in an isotropic renovating shear> have
$$
r(a)=\frac{a^2}{8}-\frac{a^4}{64}+O(a^6),\qquad
v(a)=\frac{a^2}{8}-\frac{3a^4}{128}+O(a^6).
$$
To leading order the mean and variance of $\log\lambda_N$ both equal $Na^2/8$. Typical stretch is $\exp(Na^2/8)$, while its mean grows as $\exp(3Na^2/16)$. These moment statements can be justified directly rather than extrapolating the central Gaussian approximation: expansion of $\ell^p$ gives
$$
\langle\ell^p\rangle=1+\frac{p(p+2)}{16}a^2+O(a^4),\qquad
\boxed{\langle\lambda_N^p\rangle=\exp\left[\frac{Np(p+2)a^2}{16}+O(Na^4)\right]}
$$
for fixed $p$. In particular $\langle\lambda_N^2\rangle=(1+a^2/2)^N$ exactly. The leading small-$a$ log-normal approximation is especially precise in the many-small-renovations scaling with $Na^2$ fixed and $Na^4\to0$.
If the orientation law is not isotropic these formulas need not hold. For example, repeating a fixed shear direction gives $S(a)^N=S(Na)$, only algebraic stretch, and zero asymptotic logarithmic rate. The associated degenerate direction variables are independent, illustrating why the stated independence condition alone is insufficient to select the isotropic result.
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