Standing by the 


Larry has this spotted, but it sounds to me like you have a blockage in the line somewhere. If fluid comes out at the front left centre piston without any issue (pressing the brake pedal) and it comes out at the PCV bleed valve ok, then any blockage has to be in the line from the PCV bleed valve to the rear outer pistons. That would suggest that the PCV pressure valve isn't of immediate concern.
Although the description of the PCV above is correct (on the ST1300 it reduces pressure on the rear outer pistons), it will not operate when the bleed valve is open as it requires pressure in the fluid in order to overcome the spring that allows the spool to move.
Blockage comes from a build up of the crystal 'sludge' which forms when fluid isn't replaced and thoroughly flushed at regular intervals. Eventually it forms hard crystals. Some may be stuck in the bleed valve itself. But wherever it is, this may be a warning sign. You have stuff in your system that will not be restricted to just one location, and the entire system will likely need a thorough going over before you are free from it. This could be lurking behind the piston seals, in compensation ports and in parts of the SMC, delay valve and Proportional Control Valve.
So, does any of this additional information bring up any new concerns or questions?
No, but it removes some concerns. It is difficult to diagnose issues from a distance. The SMC has been replaced and you will have had to have flushed everything out then, and providing that rubber boot has not been disturbed, it will not have got any water in. (It is very difficult to get the rubber boot back into position properly, once it has been disturbed - link ). The SMC in the photo was a friends who fitted a brand new service kit just two years prior to these photos. I don't believe that the seal was made properly with the top hat rubber boot.
I give mine a good flush every 12-18 months. However, I did once get a blockage in the line from the SMC to the PCV bleed valve. I never saw it come out, but the pressure released suddenly after which the fluid moved freely. I don't think the PCV pressure valve would be the issue - fluid flows in and out of that easily. Its only when the pressure increases that it allows a piston/spool to be pushed in taking some of the pressure away from the line.
Next time it does it (if it does) it would be worthwhile closing up the valve and just checking - is the pressure applying the rear brakes. Does it release the rear brakes when you remove the pressure from the pedal ? I'd be tempted to look at that bleed valve. If you have teflon tape around the threads, it may have disintegrated and blocked the hole in one side at the bottom of the threads. When you remove it, unscrew it a bit by hand or with a small socket between finger and thumb and screw it back in a touch. Forward and backward - just to feel that the threads are ok and not binding. You don't want to cross thread it when you put it back in.
It sounds good to me. It's always a worry when you cannot find a reason for a behaviour. But it isn't doing it now and whatever it was could have been flushed out.
You don't mention how firm the brake pedal and lever feel, but I assume that they are good to go. The SMC should move only a mm or two.
I'm a worrier and having been caught out once (too much rubber grease on slider pins), many years ago, I still check for drag every now and then when I am on the move.
3 revolutions ? That is impressive.

The SMC remains tilted until it’s time to bleed #6.Is it okay to reinstall the left caliper after you bleed the PCV (step 3) or do steps 4 and 5 require the SMC to be at 15°?
Thank-you so much Larry!The SMC remains tilted until it’s time to bleed #6.
I haven't yet done a brake bleed myself. I had a shop do the last one, but based on fluid color, I'm not sure they did a complete bleed.
Question... if I don't have air in the system and I'm only doing a fluid change, is it still necessary to tilt the SMC?
I'm one of those that never had issues with old fluid. Exercise the SMC if it makes you feel good but odds if the service is done correctly and on time one won't have problems. Problem is we assume people know what they are doing.Ditto. There will be air in the system. It sneaks in in the same way that water sneaks in, and water contains dissolved air. The plunger end of the SMC creates an air trap, bubbles will float up to it and accumulate there if the SMC isn't tilted.
But exercising the SMC is also really important. The fluid enters through the inlet port and is expelled through the outlet, but that leaves a small pocket of brackish fluid between the (normally) upper end of the SMC bore and the inlet port. It stands a chance of never getting changed. The same applies to the pocket behind the forward rear piston, and behind the lowest piston on the front calipers. See-saw the outer pistons to sluice out the grotty old stuff.
Disclaimer. I don't know this for a fact. But I do know people who have changed their fluid and still had problems that are normally associated with old fluid. I always do the above every fluid change - usually yearly - and I've never had such issues.
So I put two and two together. Up to you to decide whether I have come up with the right answer.