I've seen the rubber diaphragm get a small crack or even a tear that would allow the fluid to escape, but then you would see evidence of this with fluid building up on the top of the diaphragm. If I remember correctly, there's a small "notch" molded in the top side of the diaphragm lip that allows the air to get in the top side of the diaphragm under the cap to allow the diaphragm to extend down into the reservoir when as the fluid level drops due to pad wear or maybe leakage. If the cap is too tight, you may be squishing the lip of the diaphragm so much that the "notch" becomes closed off, and won't allow the diaphragm to flex, and may be part of the problem, causing the fluid to get pumped out under the lip if you should get the brakes hot or if you replaced the pads recently. Just so you know, there's supposed to be a plastic ring that goes between the metal cap and the diaphragm. For my '76 750F, the part no. is 45521-300-010. This ring is supposed to maintain the "notch" clearance so you don't have problems like I described.