[patrickt]

Man, I'm going to be really surprised if it's sucking that much air past the threads on the bleeder screw on a freshly rebuilt caliper, but what-the-hay.... If Teflon tape doesn't fix it, then I say the caliper had a POS-rebuild job done on it, or maybe you're pulling air in the master cylinder because you're pumping too hard, with too long a stroke, and pumping too quickly.