Heck. With all your "brake work experience" Dave, you must know a darn site more than me about this.
Perhaps all I can give you is moral support really. But I'll spew out a few more words........................... cos I'm always verbose.
The way I see it, regardless of what the "residual valves" and "proportioning valve" are supposed to do, provided they are full of fluid - how can they absorb "one-complete-pedal-movement's-volume-of-fluid" and thereby stop your brakes from being applied on the first pump? Surely they can't!
Which means - If you haven't got trapped air - You're back to questioning what's happening with every brake piston in your system. There must be one there that is travelling far more than necessary.
(Unless you have a brake line bulging out like a balloon which is a possibility that Pin_Head suggested.)
Your mission - To seek and destroy the culprit piston



(Well. Maybe not "destroy" but it doesn't sound as good without that "destroy" bit.)
PS. It might be time for "desperate measures". Perhaps you could try isolating different wheels to see if the problem disappears. Say - Using vicegrips to "gently" clamp various hoses (but obviously you must be careful not to damage the hoses. And I probably shouldn't even be suggesting this.)