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Terry,
Looks like you've got plenty of things to try. I also have a Shell Valley. When I got the kit I looked at the dual master cylinders with the bias bar and thought "what the hell is this?" I just had not seen that setup. Anyway, I decided to replace the two units with a single GM master cylinder. A little modification to the pedal assy bracket was needed. And I added a proportioning valve to adjust the bias.
I had some trouble bleeding the brakes too, until I found out I had to "bench bleed" the master cylinder first. I also had my rear calipers upside down with the bleed screws at the bottom. They should be at the top. Just had to be a little creative when bleeding. After the bench bleeding and much wheel cylinder bleeding I have pretty good brakes. My only "problem" now is that I've driven cars with power brakes for so long that the Cobra feels inadequate. Stops though! I'm looking at adding a power booster to solve it.
Dave
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