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I've never rebuilt a caliper, so I don't know how much time it takes, and what the risk is if it fails.
However, aftermarket calipers are unpredictable, there was just a post by "Steve" about a Raybestos caliper leaking (posted under ALL forum tab)
Option 2) Seems best if you rebuild it yourself. You can take your time to rebuild, and get unexpected additional parts if necessary.
Another option is have a brake shop rebuild it, but make sure they have good reputation doing this.
I'm running two front Cardone remans for the last six months, holding up okay, they are under warranty for a year. So aftermarket isn't the end of the world.
700 brakes are unfortunately, very fussy by nature, not like the rock solid 240 brake systems...
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