Yup.
There was a issue on a run with the caddy back when (80's).
The lever is/was keyed (square?). It was a PITA to get a high brake pedal.

Bill

 

Bill, yes you have to unbolt the lever but once I turned the bolt counter clockwise, the bolt would 'fall' into the caliber. Then I could push in the pistion. Rick, yes, using the parking park resets the pistion and keeps the cable adjusted for the parking brake.

 

oh man, what a funky system...... i hope you get it all squared away

 

Mine is a 1/2" hex bolt from a 76-78 Eldorado and I, after bleeding twice, have a higher brake pedal. I guess all is well, I was just confused about the sinking pedal with the engine off. Tim cleared that up.