I would look at the combination valve first. If you have a spare out of the car, you can inspect it to get an idea of how it works. I am more familiar with A body cars, but most are similar in concept. The front brake line from the master cylinder connects to the combination valve. Inside, the fluid goes 2 directions: The left front wheel and the right. If the valve is in poor condition or has any dirt, rust scale or any other contaminates inside, it may be impossible to get all the air out.
Also, it may help to have a friend to look underneath the car as you pump and bleed the brakes. Look for leaks. I'm sure that you are bleeding them with the engine running, right? The power assist will be needed to properly do the job. 40 year old brake lines and valves can work fine or leak like a screen door. Its a good thing that there are repops available.