Well I built a pressure bleeder. I made a big mess, since my MC cap doesn't have a gasket, and the threads are thrashed. There's only about one good thread left holding that plastic cap on, so I figured trying to cram a gasket in there wouldn't go so well.

Aside from a steady drip from the MC cap, the pressure bleeder worked pretty well. I got a little more air out of the system, I feel like it's well bled now.

I also took a try at adjusting the brakes. All of the adjusters in the rear were backed all the way off! I got the driver's side dialed in, but the adjusters seem seized on the passenger side. So it looks like I'll have to pull it all apart. That'll be another project for another day.

The other odd part is the 1/4" gap between the seized adjuster and the shoe. There's a lot of slack in there, but at least adjusting the driver's side has gotten me from 4 pedal pumps down to 2. Once I take up all the slack, the pedal feels nice and firm. It doesn't feel spongy at all.

I think all I'll need to do is get things all freed up and greased properly. Pulling the drum could reveal more things, of course.