OK, my pedal travel is somewhere around 1.25 inches.
I bled the normal way (fill, press pedal, open nipple with clear tube on it, close, release pedal, repeat) many, many times, starting with the front - Used a quart of fluid. Made no difference.
I bled with a pressure bleeder I set up (pumps pressurized fluid through the cap of the master cylinder and throughout the system) and tapped the calipers while letting the nipples bleed out into a tube. This did get some more bubbles out. Didn't change the travel.
I strapped the pedal down overnight. Made no difference - Except for the first time I depressed it after that.
My pads are very close to the size of a new pad (bought one to compare).
Took the rear caliper off and it seems to be working fine.
I have the adjuster rod going to the m/c adjusted out as far as it can go - This makes me nervous.
The pedal is firm and has good braking after traveling the 1.25 inches.
So, does this all mean it is probably time to replace the rubber brake lines and/or rebuild the master cylinder? Or am I missing some obscure technique here? I must say, I have bled a lot of brakes in my time but this took the longest and was the quirkiest of any.