When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.
I had the abs light on in my 89 F250 and the brakes were also soft.
I had failed to properly adjust the rear brakes and was hyper extending the wheel cylinders. Not enough to pop the seals out however. By manual pre adjusting the brakes and then bleading them the abs light went out and the brakes are good.
No you need to use a small flathead in the small slot on the inside of the rear breaks to turn the small wheel inside to adjust them. Just the wheels up and spin them by hand, while adjusting the screw until you feel it start to have some drag. It might help to have another person help you.
No you definately have to adjust your brakes manually. Its not a good idea to drive it without doing so first. As for that being the reason your ABS light is still on (Is it still on?) Im not so sure but it could be.
The only time you should have to bleed all four brakes is on an old car that has a single chamber master clyinder. Look around I would bet it is under the hood somewhere close to the master clyinder.