beltfed,
I wouldn't call that brake fade. I think that is a mechanical problem involving the master cylinder. It sounds like repeated applications in a short time period aren't letting something recover. It doesn't sound like the system is leaking externally and if you have firm, high pedal when you first start out, there isn't air in the system.
It almost sounds like the master cylinder is aerating the brake fluid somehow...it is generating it own 'spongy syndrome'. Does this sound like it is possible.
Stuart