Making progress.
I pulled the valve from the front circuit and then blead the brakes and took it for a test drive.
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Top speed was 65 MPH. Feels more nimble and certainly runs better in 3rd. In 3rd I can cruise at 40-45 at about 25-2800 RPM. In 4th I can hit 2800 RPM and cruise around 60, 65 if I am going down hill.
Hubs are still hot to the touch, but I don't think they are as hot as before.
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I'll have a look at re-adjusting the push rod. I did take my time during installation and measure the depth of the push rod. May have cut it a bit too close.
Would the "right" master cylinder (like the one from City Racer) make a difference at this point?