jon,
speedbleeders rule! try them you'll like them. they're available at most auto parts stores & alot cheaper than those pumps & brake bleeding becomes a one man job.
it does sound like you still have air in the system. follow what dennism suggested & repeat it 2 or 3 times. sometimes it takes that to get all the air out.
i wouldn't reccomend dot5 for a vehicle that is driven very much. it has different expansion & contraction rates from heating & cooling than dot3 or dot4. when i'd take my '50 1/2 ton for long drives ( especially in the summertime or in the mountains ) the rear brakes would start to lock up. more & more the hotter they got. then i found this info. about the dot5 fluid & found out what the problem was. most of the aftermarket brake suppliers reccomend dot4 for vehicles that are driven much & dot5 for showcars that aren't.
robert.