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I've swapped the old brakes on my T Bucket, to 4 wheel Chevy disc, with a corvette master cylinder. NOW, I have to double pump the pedal to get a stiff pedal. I've bleed the complete system numerous times, thinking there was air in the system. What I have noticed, is that with the cover off the m/c, while pumping the brake pedal, fluid squirts out the top of half (rear portion) of the master cylinder, yet, barely moves in the front portion. I'm not sure if I've purchased a defective master, or if I should be looking elsewhere for a problem.
I'm presuming you're talking about an '82 Corvette m/c, like this picture, which is very popular in hot rods.
Do you have 2 lb. residual check valves in both the front and the rear brake lines? The spirt of fluid in the m/c sounds normal. You should see this spirt as soon as the brake pedal moves.
Do you have the larger reservoir outlet (farthest from the push rod) plumbed to your front brakes?