I really don't know the system on your bike, my 94 st1100 non abs has separate front and rear brakes- simple system. The possibility of clogged bleeder was the first thing that came on my mind when I was reading your thread. That happened to me before and the way I checked if in fact it's clogged, is that I was loosening bleeder slowly while gently applying brake until I saw brake fluid pushing thru the thread. You don't want to get more air in the system by just removing bleeder if you don't have to and also if its clogged, you don't want to have brake fluid spraying all over if Peale is pressed, piston under pressure and you'd unscrew bleeder too quickly.
Than again, it could be something else but I think it's worth to try. It'll take 5 minutes.