Update...we pretty much adjusted everything you can last night (pedal adjustment rod, booster pushrod, even brake pedal stopper). I agree with you Lee about pushrod since it was never changed out, etc... but after starting with pedal stuff we adjusted anyways to no avail. Fun part will be returning everything to OE specs!
Appears to be a hydraulic pressure relief issue.
I am going to drop off a spare master cylinder this weekend to see if we can eliminate that as the issue. I would think that if master is bad it could prevent fluid from returning to reservoirs...
Thoughts? Typical cruiser project (thought it would be simple...ha, ha).