If it's a stock '48 master cylinder there is no need to bench bleed it. It sounds just like you still have air. Get a friend or you girl friend to pump up and hold the breakes for you and do it in the sequence that's called out in the manual. Watch the level closely, you will probably have to refill it a half dozen times when you bleed the brakes out.
Your manual adjustment sounds correct, I genereally lock up the wheel with the manual adjustment and back each adjustment off by three to five clicks.
Denny G
