Well, I've had a bucket under the P-trap ever since Monday morning... haven't had any opportunity to actually do any house repair work. Pulled it out after I got home from work this PM because I thought it might have been filling up. IT was bone dry! I guess that means that all the water was running down the back of the sink from the faucet, along the bottom to the drain fitting, and then *appeared* to come from the outside of the metal drain piece and down the p-trap. I suspect that it might have been leaking out around where the arm meets the body more than normal due to the fact that I was using a short piece of garden hose to fill the mop bucket. (the drain is actually in constant use, as the condensate drain from the A/C, furnace, and humidifier drains into it.)
This makes me very happy.
I'll disassemble the faucet saturday AM. If I spend more than an hour screwing with it, I'll buy a new one.
nate