I thought I would update this thread.
I let the car sit for a while as I thought about what to do....it seemed like a bit much to approach a new pedal setup and because of the way mine was constructed I didn't have much luck getting a pedal ratio measurement, so I decided to take a stab in the dark and just get a "Corvette style" master cylinder and give it a try.
The previous master cylinder had two reservoirs, but one larger than the other. The "Corvette style" master cylinder has two reservoirs, each the same size. I chose a master cylinder that had larger reservoirs than the previous one, if for no other reason than to increase the volume of brake fluid in hopes that might lead to less heating problems. I also chose a master cylinder with a 1/8" smaller piston, a "special order" 7/8" piece. I did this because I had always had trouble stopping the car as quickly as I would have liked and was following the advice on this thread that a smaller piston bore would result in increased "clamping pressure", which I hoped would result in better braking performance.
Once it was installed I had NO pedal travel...none. The pedal rod assembly had an integral washer...and the washer was specifically sized for the 1" bore on the previous master cylinder. Out came the bench grinder and after a while I had 0.05" clearance all round the circumference...on with bench-bleeding the master cylinder, which was quite easy now that the rod could press the piston into the bore
Well, once it was bench-bled, I proceeded to attach the brake lines. That was too difficult with the attachments on the fender side...no room to work from underneath due to the heat shield between the footbox and the headers and no way to bend my arm in the manner it took to get wrenches on the fittings under the fender. Out came the fender-vent louvre assembly...eureka, easy access now!
With the two hard lines attached it was easy to get on with the bleeding operation, passenger's side rear first, inside bleeder before the outside bleeder. On to the driver's side rear, the passenger's side front, and the driver's side front. My girlfriend did the pedal pressing duty...her first time. She was amazed when the pedal went to the floor as I had described it would when I loosened the bleeder valve for the first time. We went through three large bottles of brake fluid...I flushed and flushed until the brake fluid ran clear from each of the eight bleeder valves. The previous brake fluid was almost milky with absorbed water, and once the brakes were all bled it was off for a test drive.
I must admit the results were far more impressive than I had expected. I probably had 5" of brake pedal travel, and always before the car had needed probably 2" of travel before the brakes started to have any effect. The new MC provides full lockup with only about 2" of pedal travel at the most, feels more like only about 1". I had no idea the brakes were that bad when I got the car, it only had around 3,000 miles on it and I had put on 8,000 of my own.
I can see that there will need to be some sort of adjustability for the rear brakes...although not much, for sure. If I lock the brakes up the rears lock up first, as expected, despite the much larger tires. However, I can't imagine needing to lock them up, they stop the car so much better with very little pressure and so much less pedal travel than before, it's almost like having power brakes (a system I would very much have liked to install, but there was too little room for a vacuum booster).
I have yet to overhaul the Wilwood calipers, I wanted to see how much improvement would result from just the master cylinder replacement. The parts to conduct the overhaul process are quite inexpensive, so the next time the weather gets too nasty to drive the car for a weekend that may happen...but for now I plan on driving it for a while and getting use to having some stopping power....also want to make sure there are no leaks anywhere. It is SO MUCH better than before, stops quickly and straight without swerving or pulling!
Thanks to all who helped with suggestions. I really appreciate the advice, particularly the advice to get a cylinder with a smaller diameter piston. If I ever take the dash out (a distinct possibility) I may attempt to install a better pedal assembly, and at that time a dual master cylinder assembly may well be the ticket. For now it is such a drastic improvement that I think it will do fine...I have never tracked the car and I suspect that it may never see any track duty other than perhaps some 1/8 mile drag time for tuning purposes. It really is just a road toy right now.
Cheers, friends, and thanks again!!!
Dugly