I worked on the IIIpro this morning. I appears that a leak developed around the nut/olive.
- When I removed the nut to the rear caliper, the nut was goot-n-tight.
- I visually inspected the olive, and it didn't appear to have any compression marks on it at an odd angle, or any gouges in the sealing surfaces. All I could see were nice even polishing and a very slight groove compressed in concentric circles around the olive on each side.
- I installed the nut and tightened it down about as much as I dare, before causing damage to the threads.
- After drawing a copious amount of fluid through the hose out of the caliper bleed port, I initially had no pad motion until I spent 10 to 15 minutes working bubbles out of the bleed port in the lever assembly.
The rear brake is back to normal. Not sure why the olive and nut area leaked.
Perhaps prolonged heating of the caliper on many long descents?
Time will tell. I'll be riding the bike tomorrow, on regular gravel roads without any steep higher-speed descents, and without any camping gear loaded onto the bike. The bike will be down to its 22lb base weight, +water. (Versus my 53lb bike camping loaded weight.)