Not that this will help with your general diagnosis, but since you mentioned the bubbles from leaking air around the threads.....
I remove the bleeder valve, clean the threads with a fine bristle wire wheel while letting the caliper leak into a pan. I also run a drill bit by hand through the shaft to assure there is nothing lodged inside. I then wrap the valve threads with a lot of Teflon plumbers tape, then bleed instantly after screwing it into the caliper. That eliminates just about all of the air bubbles from that cause. The Teflon tape also prevents the valve from rusting inside the caliper for next time.