[dscott]

Sure sounds like air to me. The adjustable valve could be trapping some air. You should also check the rod between the master and the booster. You should have about a 1/16" gap. The best way to bleed brakes is with an injection system but they are expensive. I usually try drip bleeding the brakes. If you try the pump and open system sometimes you can create bubbles if you pump too fast. To drip bleed I start with the brake farthest away and open the bleeder so it drips about 1 drop every 2 or 3 seconds. I do that for about 15 minutes and proceed to the reat, 1 at a time. If you have the Cadillac rear disc calipers you will need to take them off to properly bleed. The bracket they bolt to sets the caliper bleeder below the top so you never get the air out. The other critical item with those calipers is the parking brake adjustment. It must be properly adjusted or the pedal will set low and never come up.
Don