Hey, folks -- just wanted to close the loop on this in case this turns up in someone's future search.
The problem ended up being a faulty coolant expansion tank. There was a small gap in the seal, letting pressure escape through the overflow passage. Replaced it with a new (Porsche OEM) tank and all is good.
The tank replacement job sucks bad on it's own, doing it twice is just adding insult to injury. If you have to do this job, get the OEM part!
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