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If that were the case though, wouldn't brake pressure gradually decrease when I hold the pedal down?
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Yes it would as the fluid doesn't go anywhere except by-passing the rubber piston seals allowing the pedal to drop.
This is known as a bad M/C .
There are a few brake re-build companies that install a stainless steel sleeve.
This replaces the cast iron machined area for the piston & seals ,that often causes a bad M/C.
I think EIS is one of those companies.
Maybe do a google of Master cylinder with stainless steel sleeves & read what comes up ?
Then replace the one you have with the newer construction.
Well I'm almost sure now that the problem was the incorrect pedal. At the junkyard, I didn't see any '73-'79s with power brakes, but I did see several newer models with power and manual. I snagged the pedal off an '81 just to compare it to mine. On my pedal, the master cylinder pushrod connects about 3/4" below the pivot point. On the '81 with power brakes, it connects about 3" below the pivot. I think I'll need a whole pedal assembly though, since the mounting point will have to be roughly 2 1/2" higher in order for the pin to line up with the master cylinder pushrod.
I think the previous owner thought of that and tried it... Looks like he drilled a hole through the pedal about an inch down. The problem is though, the master cyl pushrod would have to come through the firewall that much lower in order for it to line up with the new hole. I may try cutting a new hole in the firewall and moving the master cylinder down and see if that works...
I've got a 73 2wd with manual brakes and want to upgrade to power. How hard is this? And what parts do I need to round up? Anyone else out there pulled this off with success?