I had a read around when I did mine (searched and read a few threads on here), and the general consensus seems to be that hyper-extending the clutch in this way to remove the spacer isn't the best way as it might risk damaging the seals... At least you've still got the spacer in there so you can take the slave out and have a look, which I think would be a good idea. Matthew posted quite a comprehensive thread about clutches with several photos, which you should be able to find by doing a forum search.
You've probably done this already, but you could check that the clutch feed pipe hasn't sprung a leak somewhere, particularly at the flexible part near the slave, however the 'pop' noise does sound more like a seal going as you say.
You've probably done this already, but you could check that the clutch feed pipe hasn't sprung a leak somewhere, particularly at the flexible part near the slave, however the 'pop' noise does sound more like a seal going as you say.