Yes, there is a piece of rubber that wraps around the clutch arm link. It only costs $1. It is supposed to hit the firewall and eliminate that clunking sound you hear. It looks like this:
http://www.classicparts.com/1947-59-Clutch-Arm-Stop-Bumper/productinfo/90%2D621/
Bluedawg
Waitaminute, you said brake arm not clutch arm. I don't think the brake arm has a rubber pad like this. There should be some adjustment at the master cylinder so the brake pedal doesn't have that much travel...
Nevermind I'm going to bed.