Bob Comyn wrote:
After I have bled the brakes and I still have a clear hose attached to
the top of the reservoir I can pump the brakes and with one or two pumps
I start getting large air bubbles coming out of the top of the
reservoir.  This does not seem normal and indicates to me that something
is wrong with the master cylinders.

Bob, are you sure it is air bubbles and not just a back flow of brake
fluid when the brakes are released?  If it is air, then it is a loose or
leaky connection or a bad brake cylinder.  That covers the entire
system. Air in the system is cause for great concern on a IV-P.  If the
pedal goes away after take off then it could also be a warped rotor
knocking the pads back.  A low pedal during heavy braking could be water
absorbed in the brake fluid.  Changing out the fluid with new will fix
that. I can't think of much more.
Craig Berland