I got a cheap pair of headphones that did this. Not that grados are cheap, they are great headphones.
When i use the balance control to put the music just on the defective driver i hear no bass. All i hear is a midrange treble sound. I took the driver out and inspected it and i found that the driver is blown.
Here is what i gather that happened. The person before me drove the driver beyond what it could handle (bass probobly) the diaphram extended past what it could handle, the coil heated up and the coil shifted. When the coil shifted it was no longer strait up and down with the magnet and it gets hung up inside the channel the coil rides in. The speaker will still work but it doesnt function properly and could eventuly short and this could blow the amp.
It was a very interesting thing that happened because i never seen it happen before.
The coil is thin strands of wire with epoxy shielding it from the rest of the winds. The epoxy is what holds the shape of the coil, when the epoxy heats up from to much current (to loud, to much bass) the epoxy melts and it lets the coil shift or melt in half.
Anotherthing that could of happened is a few of the coils could have melted together changing the impedance of the defective driver and changing the value of it? that could change the output level maybe?
This is what happened to mine though. I can see threw the diaphram of the driver and see the coul is tilted and dragging in the magnet channel
If this is wrong some one correct me, this is my opinion how it works or why it may not.