spider brake questions

[JHahn22@domain.elided]

Hello everyone,
Please forgive my lack of experience with brake troubleshooting, but here's 
my situation and symptoms.  The car is an 87 spider with 100,000 miles on it.

I had at least one (the front right) caliper dragging on the rotor, so I 
decided to replace both front calipers with rebuilt units from Centerline.
The rotors were just under what the shop manual listed as the min. specs., so 
I replaced them as well (along with a new set of stock pads from IAP).
The brake hoses were looking old, and cracked, so I decided to put in 
Stainless lines while I was in there.
I bled and bled and bled, and now have nice clean, clear fluid with no 
bubbles coming out all four caliper bleed screws.  The old fluid hadn't been 
changed in years, and was pretty nasty (lack of experience and knowledge, 
along with other problems that needed attention first.)
Now the brake pedal has quite a bit (2+ inches) of slack before there is any 
real resistance.  Then the pedal is somewhat firm, but nowhere near what I'd 
expect with all the work and new parts I just put into it.  It brakes well 
enough that I've been driving it plenty (and still grinning ear to ear), but 
things are definitely not right, if Alfa brakes are even half as good as I 
hear they're supposed to be.
Sometimes pumping the pedal gives more firmness, sometimes it doesn't seem to 
do anything.
I'm thinking the next thing that needs attention is the master cylinder, but 
I don't want to just throw parts at it without any real diagnosis first.
How do I go about diagnosing the Master cyl, and what other stuff should I 
look at?
Thanks in advance,
Jake Hahn
87 Spider
89 BMW 325i (totalled parts car, email for needs)

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