Re: Brake travel. Did you also replace the front brake lines? Old lines may expand I think. Did you overhaul the master cylinder. Because lines where original I replaced them as a matter of course and overhauled the master cylinder, calipers, new rear cylinders (I could have overhauled them it turned out). Pads and shoes where like new so it had those replaced shortly before it went into it's 7 years of storage. I later replaced the new rubber lines with braided but there wasn't much difference that I could tell between new rubber and new braided but the braided will stand up better with time passing. The master cylinder while it worked well had the pressure differential piston frozen which I freed up. It's only a couple of a few bucks for the kit (I used TRW brand) but it gives you a chance to see the condition of cylinder (no rough spots/voids/corrosion) in the piston travel part. I don't recall there being any adjustment for cylinder to vacuum assist (unlike my Integra). If the air is out you should have a pretty solid feel to the brake pedal and I can lock all four wheels in a panic stop (did that three times). The pedal travel is normal (relative to my other cars). If yours is long I wonder if you have standard booster or an upgraded one that might have a longer travel.
When I work on a system (brakes or what ever) for the first time when I don't know the service history of the car I do a complete overhaul front to back not assuming something is OK as that assumption might not only lead you down the garden path but take you somewhere you don't want to go.
TR7 Spider - 1978 Spitfire - 1976 Spitfire - 1988 Tercel 4X4 - Kali on Integra - 1991 Integra - Yellow TCT