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If you lose vacuum, you have no power assist. You have brakes... but you need to do a double-footed leg press to apply them. Pedal will be near rock hard.
Sinking pedal means you have assist (vacuum), but something else is wrong.
You do need to check and adjust the rears before replacing anything. I did mine yesterday for the first time. Well first time pulling the drums, I adjusted them a couple weeks ago and the adjustment went bad again.
I found the adjuster cable broken, and a few of the adjuster parts missing on the RR. Thanks Firestone! Also the Pbrake cable was misrouted inside the drum and it had gouged into the hub pretty bad. The hub will live but the cable is sure trashed now.
I didn't take it to them BTW. The last owner did. I've only had this truck a couple months now and so far haven't fixed one single thing that wasn't already "fixed" by some other shop!
Today I have to try drilling out a broken bleeder on one of the front calipers that I just discovered too. The fun never ends.
many times a slow dropping pedal is normal on these trucks. There is an updated brake booster to "fix" fix the issue. If there are no fluid leaks and the Master cylinder checks out fine then its really nothing to worry about normally. But let me put my disclaimer in there that the brakes need to be thoroughly checked out to know what is going on!