Edit: I didn't realize this was my first post. If you look on SVTPerformance and Corral.net, you'll see I'm no newbie!
Here's my process(after jacking up the car, placing jack stands and removing the rear wheels):
1: Remove the brake master cylinder cap
2: Removed calipers, pads and bracket, then remove rotors
3: Reinstall caliper and bracket, less pads, back on to rear hubs(leave the rotors off)
4: Put drip tray under hub, install vacuum hose on brake bleeder and crack the brake line
5: Add your cube to a 3/8" air gun(regulator turned down to 40-60 psi) or electric impact wrench and SLOWLY TAP the trigger as you lean your body weight into the caliper.
6: After piston is collapsed, close the bleeder, remove caliper, install rotors, pads and bleed the brake system.
I have done this countless times with a $5 cube from our local auto parts store and it works as long as you go VERY SLOW. Also do-able with a ratchet but the issue is the swing and loss of force to push on the piston.
I was taught this trick by a senior technician when I started my first dealership job.
Remember, GO SLOW so nothing tears or breaks! Good luck!!