Mate the best thing to do is put a brake line clamp on each flexable brake line then push the brakes. If the pedal goes rock hard then the air is in the calipers & the master is ok & has no air. If the pedal stays the same the air is in the master cylinder. Have a look under the master where it bolts to the fire wall if you can see traces of fluid running down the fire wall that means fluid is getting past the seals & the master needs o/haul or replace it with a new one. Dont fit a seal kit to a alloy cylinder without putting a steel sleeve in it.
The pad nock off is very unlikly cos if that was the case when you put your foot on the brake it would shudder that bad you wont beable to hang on to the steering wheel. If you find that the problem is air in the calipers try gravity bleeding that means leaving the bleeding nipples open & let the fluid drip out for a few hours or even a day but dont let the master run out. Some times i have found by pumping the #### out of brakes can make things worse. This works on old fords every time.
Good Luck
Mark