The excitation and subsequent proton decay of the isovector spin-flip giant monopole resonance (IVSGMR) is studied via the 208Pb(3He,t) reaction at 410 MeV. In the inclusive spectrum (60+/-5)% of the non-energy-weighted sum-rule strength for this 2 variant Planck's over 2h omega resonance was found in the region 29<Ex(208Bi)<51 MeV. The central excitation energy and width of the IVSGMR are 37+/-1 MeV and 14+/-3 MeV, respectively. It is found that the branching ratio for proton decay is (52+/-12)% and that the deep neutron-hole states in 207Pb are strongly fed.