What has happened, is the residual-pressure bleed-off hole is plugged.
(I'll be the brake-lights are staying on also)
After waiting for several minutes- remove the cover to the master cylinder.
Look through the brake fluid and you should see (2) holes in the bottom
of the reservoir. (1) will be a large hole that you can see the MC
piston through. Just in FRONT of that hole, is a smaller one. Use a
needle and pair of vice grips to clean that hole out.
This will allow residual pressure in the lines- to bleed back into the
reservoir.

Ray

Ok , So I got my gals 53 stude up and running as it had sat for 2 years
in a garage. We blead out the brakes and it is still only at 3/4 pedal
heigthe, I can move the truck forwared and backwards and have to pump
the pedal 3 times to have brakes and stop, after this point I go to put
itforward or reverse gear and the brake pedal is all the way on top and
the truck will not move. if I wait about a minute or more the truck
will once again move but the process starts all over again,.    Can any
one give me a idea of what is happening and how to go about fixxing
this issue, also the rubber brake lines have already been replaced.
Thank you Spanky