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My 71 sat in the garage for 3 years due to a carburetion problem. When I parked it, the brakes worked fine. When the carb problem was fixed, I found that the brake pedal was soft. When I tried bleeding them, I got dirty fluid, so I decided to replace the calipers.
I blew out all of the old fluid with compressed air, and now I have with new SS calipers, hoses, a new master cylinder, and DOT 5 silicone fluid. I used a power bleeder, but I still have a soft pedal (goes all the way to the floor, but can be pumped up). Where could the air be hiding?
Your master cylinder could be leaking internally.. get a new one..... (assuming your brake bleed was ok). I had same issue once...soft pedal..then they would pump up after power steering fluid got warmed up...
If your system is not 100% flushed of all previous brake fluid and 100% completely bled of air, DOT 5 fluid can give you a soft pedal. Microscopic air bubbles love to hide in DOT 5 systems creating problems. It's a wonderful product but it requires diligent procedures when converting to it.
Replacing the master cylinder is a good idea as already recommended.
Thanks 69monzacpe for the link. I will try Tom454's process. I had installed a new Master Cylinder already, but will try Tom454's suggestion for checking for proper bleeding and seal assembly.