BigBird - Your problem sounds exactly like mine. I started this thread hoping for help. I suspected and still believe my problem was a bad magnet and drum.
I figured it out by cutting the wires to one brake at a time then driving it. If the P3 still gave the overload warning when stopping I would use butt connectors to reconnect and try the next one.
I suspected which one it was based on the condition of the magnet surface of the drum when I did the brakes last summer. So got lucky and cut the right one the first time. No warnings since and I've pulled it more miles than I should say on three brakes....
My problem was really repeatable - it would do it every time I stopped unless it was a really slow light stop. What I believe is happening is the magnet surface in the drum is badly grooved. When stopping the magnet (which is also probably badly worn) is pulled into the groove, rocks a bit, and shorts itself in the groove. When you let off the brake it moves out of the groove and no more short. Not sure if that makes sense.
Regardless...just delivered today - a brand new disc brake kit I'm about to install. Pricey but looking forward to better stopping and easier to maintain brakes.
Good luck with yours.