Brian
Have you had ALL the calibers checked..?
I have a funny feeling you have one or more that are sucking air into
the system.. and it is NOT at all uncommon especially if they sit
unused for a short period of time...

Bob G.
64 72 & 98 Ragtops
76 & 79 Coupes

Hi Brian,

First, thanks for your service to our country.

Second, try writing in paragraphs, as it makes it a lot easier to follow
what you are saying.

Third, Corvette brakes are notorious for going bad while sitting.  Driving
them all the time cures a lot of brake problems.  However, once bad, they
don't cure themselves.

If you have replaced the calipers with stainless steel sleeved calipers,
then you have gone the first step.

How old are all the flex hoses? If they are unknown or more than a few
years, replace them so we can start with a known good quantity.  Hoses tend
to come apart inside and look great outside, but they act like one-way
valves and mess up the braking.

Replacing the master cylinder may have created a problem for you.  The
adjustment on the pushrod on the master cylinder from the booster is
critical.  It has to make contact when the MC is installed so that you do
not have wasted motion in the depressing the pedal but it MUST NOT depress
the piston at all as this begins to close the rear ports on the MC.  This
adjustment can take awhile to do, as you need to adjust so that you can
slide the MC into position until you feel the rod contact the MC piston but
you can still slide it all the way flush with the booster without the piston
moving.

There are many ways to bleed the system, but my personal favorite is gravity
bleeding.  Put the car on jackstands, remove all four wheels, and begin.

Open a bleeder on the right rear and wait until fluid begins to run.  Check
for bubbles, and after you are sure it is clear, open the other bleeder on
the same caliper.  The bleeders are only on top.  The lower end should have
the brake line and a plug, although some people insert a bleed screw there.

Repeat this with the left.

Do the same on the front. You can do both ends at once, as they are separate
circuits, however, a '79 uses a common reservoir so you have to watch that
it doesn't go empty on you.

After new hoses, you may not get any fluid for a long time, as the lines are
empty.  For a fresh system or one that has been drained, and I don't want to
wait all day and night, I start with the common old pump, pump, pump, bleed
method.

Have a friend pump the pedal a few times, then crack open the bleeder. Be
sure to close it before his foot hits the bottom.  Repeat until you get
fluid.

Then repeat this from each bleeder, starting right rear, left rear, right
front, and left front.

Then go back and do the gravity bleed on the entire car.

I am

The brake light continues to stay on and

I think I would start at the new caliper, it may be defective.
Look for blockage and leaks
that seems to be when your problems started
kickstart