I'm also interested in this (and have been trying to chat with a couple of visa agencies in CM about it recently). As far as I can tell, although
@Robert ******
seems to be correct from the perspective of the Department of Land Transport, the main sticking point seems to be getting the residence certificate on a short-term stay/visa-exempt entry (at least in CM - I know some immigration offices elsewhere are perhaps more flexible).
One of the visa agencies in CM told me today that it's necessary to have a visa of "more than 30 days" to get the residence certificate (their words, not mine - some info may have been lost in translation), and I've read elsewhere about generally needing an apartment contract longer than 3 months. So this might be the real issue for renewing a licence during a short-term stay. I haven't yet been able to figure out whether there's a solution to that?
(My situation is that my first two-year Thai licence expired a couple of months ago and I'd like to renew it so I can drive legally while I'm visiting CM next month for a couple of weeks on an exemption (or SETV, if necessary)).