The yolk is the embryo: NO
The yolk is the nutrients surrounding the nucleus (diploid eukaryote from 
male and female resulted from fertilization) . When the nucleus develops 
it will form the embryo. This development occurs after egg laying. 
 or will be.  It remains intact, but it and the rest of the egg looses 
nutrients and, I would assume, considerable water, so that the bulk is 
reduced. 

We did not really take out this materials to get the dry weight.

In other words, the development of the chain of eggs towards being ready 
to lay reverses until the queen again is ready to resume laying?
Correct.

Is the majority of weight loss prior to swarming or in fall due to reduced 
bulk in the eggs, or do the ovorioles and other parts of the queen herself 
contribute to the shrinkage?
Ovarioles numbers stay the same, but eggs reduced in bulk.


Of course, an obvious question is where the liquids and nutrients go,

the synthesis of yolk protein materials (Vitellogenin) will be reduced and 
stop. This process is know as vitelogeninses. Materials will be recycled 
in the body of other use. This process is controlled by hormonal levels 
and feed back to the system.

and what are the breakdown products?
Please check:

http://en.wikipedia.org/wiki/Vitellogenin

There is a good explanation about honey bees.



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