I finally tracked down the source of water ingress into our basement to a pin prick hole in the lead service pipe just where it enters the building. I've made a temporary repair with a small self tapping screw (unfluted type) and some expoxy resin.
It still leaks but it's now only a matter of millilitres per hour versus the initial 8l/hour I'd ascertained from the water meter readings after shutting the internal stopcock located just 50cms from the entry point in the basement.
I'd like to improve my temporary repair efforts by cutting the pipe at the leak point to insert a 4 or 5 inch 15mm copper pipe, secured with hose clamps. Although it seems like an effective way to make a semi permanent repair, I'm wondering if there'll be any snags I've overlooked, hence my asking in this NG whether I'll be making a serious mistake rather than a cost effective "temporary" repair.