My current view about the delay in PEM, at least in my case, is that PEM is largely due to mineral/electrolyte depletion and possibly dehydration. My reasoning is that overexertion appears to be a cause of my polyuria (excessive urination). Having found that I am prone to salt deficiency - which seems to be common in ME - and having an extremely-high urine sodium level in 2010, whilst blood sodium was low, I presume that this polyuria is the cause of mineral deficiency. The fact that others here gain great relief from IV saline also supports this theory.
My PEM bears an uncanny resemblance to a hangover. These too are largely due to electrolyte depletion and dehydration.
What I haven't yet figured out is why we get electrolyte depletion after exertion, but I think I am fumbling my way towards it. We seem to get an increase in blood acidity (a fall in pH) as a result of exertion. It looks as though this can promote electrolyte loss in urine, but I have already forgotten how! I had been thinking that it must be lactic acid/lactate that was involved, but now wonder whether other sources of acidity could do the same.