I finally figured this deal out. I ended up replacing the rear calipers, but I couldn't get them to "pump up" after I put them in. The brake light was on, and would flicker if I stabbed the brake pedal hard, so I replaced the proportioning valve with a high quality used unit, and that cured my fluid flow problem. I bled this baby until I was blue in the face, but the pedal would always be soft, and the rear calipers would retract after I let off the pedal. Once I had the calipers relatively full of brake fluid and free from air, I had to remove the emergency brake levers and tighten the nut up until the brake pads were loaded against the rotors, then I reinstalled the levers, so that the emergency brake levers kept the brakes loaded and VOILA!!!!!! I had a tight pedal, sometimes the obvious eludes us, doesn't it? I messed around with this car on and off for four days, and my customer was mad as a wet hen, but alls well that ends well.
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