I guess I found it, but I didn't write anything about how to get from one parameter to two, or that I am still confused about where I lost the third parameter. (What I found interesting about reading that discussion again was that I focused maybe a little too much on observation, just like Heisenberg, implicitly dismissing preparation and contextuality, and that the topic of what is wrong with Heisenberg's position later came up in that discussion.) That discussion was about
silver atoms, which is useful, because those are uncharged, hence we can apply any constant homogeneous magnetic field without worrying that it would bent the beam.
Now I studied
https://en.wikipedia.org/wiki/Elliptical_polarization until I understood where the third parameter disappears:
The "missing" third parameter is simply the global phase! And if I would have used the four Stokes parameters instead, then the two "irrelevant" parameters are the total intensity and the degree of polarization, i.e. also in this case I end up with only two relevant/interesting parameters.
With my focus on observation (like Heisenberg), the physical meaning would be defined by how I measure them. I cannot measure the global phase, hence that "third parameter" has no physical meaning.
The other two parameters can be measured as follows: If I send the beam of silver atoms through a constant magnetic field, the spin axis will rotate (with a speed depending on ...) around the direction of the magnetic field. So if the beam propagates in y-direction, I could for example first put a magnetic field in z-direction and control how long the silver atoms are there, and then do a Stern-Gerlach measurement in an arbitrary direction.
The other focus (unlike Heisenberg) to give physical meaning would be to describe a preparation procedure. I could use a Stern-Gerlach device to prepare the silver atoms in spin-up state, and then apply constant magnetic fields in z-direction for a given time, and then in x-direction for second given time.
What I was missing in the "old discussion" with vanhees71 was both where I lost the "third parameter", and the connection to special relativity, which explains why the "second parameter" feels so counter-intuitive. (The "first parameter" being simply the rotation angle of the Stern-Gerlach device around the beam.)