I was thinking because the master cylinder was a rebuilt that it was more likely that the problem was the original safety/proportioning valve but I've had other rebuilt stuff bad from day 1 before so it's quite possible that it's the master cylinder.
I have a question on the safety switch. If I have one side of the system open (say the front) and step on the brakes there should be electrical continuity between the wire stud on the switch and the car body, right? Basically the way the switch works is to ground the wire when there is a big pressure differential between the two sides of the brake system, right?