First off it is much easier with a helper to operate the lever for you.
1. Depress the lever first, then loosen the bleeder until the lever bottoms out and retighten the bleeder. You'll have to do this multiple times. Eventually there won't be any bubbles escaping out the drain tube and you'll feel some resistance in the lever. I run my drain tubing into a clear jar with some old fluid in it to keep from sucking air back up the line; I learned that from someone else.
2. Reservoir lid off so you can monitor the fluid level and insure it doesn't bottom out, or you'll have to begin again.
3. I found it best to bleed the unit in place and use the rotor as a spacer but you could easily use some 1/4" material in its place.
And, after all of that I found Dinqua's method of bungee-ing the brake lever overnight to give me that finally bubble out of the caliper and set the brakes properly.
Important note: our brake fluid is an excellent paint striper so be cautious and clean up thoroughly when you finish.
