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Well I just purchased a 79 F150 2wd with the 460. The brake light was on so I checked the master cylinder and the front resivor was nearly empty. I poured some brake fluid in it and had my kid pump the brake pedal to build some pressure so I could bleed the back brakes and all it did was dribble out of the bleeder screw. I don't think that I would have a bad wheel cylinder because I did't see any fluid running out from the brake drum when he was pumping the pedal, would it possibly be a bad master cylinder or booster?
I would suspect a bad MC. A bad booster won't cause you to lose fluid. However fluid can leak past the MC seals into the booster. When you replace the MC try pulling the booster and draining any brake fluid out of it.
79's bleed differently as there is a Pin in the proportioning valve that needs moving when going from Back then to the Front brakes.
Perhaps the pin was left in the front bleed position ?
How much did you pump the brakes? If there was a lot of air in the system, then that could have caused the dribble out of the bleeder. Also, I would check all of your brake lines to make sure none are leaking, because the master cylinder was dry because of something, wheel cylinder, bad line, etc.. A bad line would explain why there was no pressure, since when you held the brake down there was no pressure since it already bled out of the cracked line. Sometimes you can get a small enough crack or hole in a line to just allow a little air to enter the system, but not have fluid spilling out of it, so you need to check them carefully, not just look for a puddle. Just my 2 cents hope its an easy fix!